Power of Attorney of Property

Power of Attorney of Property

A legal document giving an assignee the ability to make decisions on behalf of the assignor with regard to the assignor's property in the event of the assignor's mental or physical incapacity. The assignor grants power of attorney of property while he/she is still competent, and it comes into effect at incapacity. A person with power of attorney of property may make any and all decisions regarding the assignor's assets, including securities, within the parameters of the document. For example, the document may prohibit the person with power of attorney of property from selling certain assets intended for the assignor's heirs in his/her estate. See also: Power of attorney, Proxy directive.
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