power of attorney (redirected from Letter of attorney)

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.

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Power of Attorney

The legal transfer of the authority to act on behalf of another person. That is, power of attorney gives the designee (called an agent) the authority to sign legal documents and manage the finances of the principal in the event of the principal incapacitation. For example, one may designate power of attorney to a relative in case one develops Alzheimer's disease and is unable to manage one's own affairs. The power of attorney may be limited or unlimited; that is, the principal may only allow the person with power of attorney to manage affairs within certain parameters.

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Power of attorney. A power of attorney is a written document that gives someone the legal authority to act for you as your agent or on your behalf. To be legal, it must be signed and notarized.

You may choose to give someone a limited, or ordinary, power of attorney. That authority is revoked if you are no longer able to make your own decisions.

In contrast, if you give an attorney, family member, or friend a durable power of attorney, he or she will be able to continue to make decisions for you if you're unable to make them. Not all states allow a durable power of attorney, however.

A springing power of attorney takes effect only at the point that you are unable to act for yourself.

It's a good idea have an attorney draft or review a power of attorney to be sure the document you sign will give the person you're designating the necessary authority to act for you but not more authority than you wish to assign.

You always have the right to revoke the document as long as you are able to act on your own behalf.

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power of attorney

A document executed by one person (the principal) authorizing another to act as his or her agent and on his or her behalf for any legal purposes or for specifically defined tasks. The agent is called an attorney in fact.