power of attorney (redirected from Attorney in fact)

Power of Attorney

A legal document giving one person (called an "agent" or "attorney-in-fact") the power to act for another person (the principal). The agent can have broad legal authority or limited authority to make legal decisions about the principal's property and finance. The power of attorney is frequently used in the event of a principal's illness or disability, or when the principal can't be present to sign necessary legal documents for financial transactions.

Notes:

There are many good reasons to make a power of attorney as it ensures that someone looks after your financial affairs if you were to become incapacitated. You should choose a trusted family member, a proven friend or a reputable and honest professional. Remember, however, that signing a power of attorney that grants broad authority to an agent is very much like signing a blank check - so make sure you chose wisely and understand the law that applies to the document.

See also: Accountant, Audit, Income Tax, Loophole, Taxes

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Power of attorney

A written authorization allowing a person to perform certain acts on behalf of another, such as moving of assets between accounts or trading for a person's benefit.

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power of attorney

A legal document in which a person gives another the power to act for him or her. The authority may be general or it may be restricted to activities such as the handling of security transactions.