power of attorney

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Related to power of attorney: Enduring Power 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

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.

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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive ?
And he is glad that he did as the team helped William and Mary, 84, not only to arrange a Power of Attorney but also their put wills in place.
Since having both her Will and Power of Attorney drawn up by the legal experts, she has peace of mind.
A key element of power of attorney is that the person granting the powers to the Attorney-in-fact is mentally competent, or has an understanding of the powers being granted.
(d) Glori had no authority to execute the Deed of Absolute Sale in favor of Vic, since from the very wordings of the power of attorney, she had no special authority to sell or convey any specific real property.
[check] Durable financial power of attorney. This document allows you to name someone (referred to as an agent) to act on your behalf for any legal task if you become unable to make your own decisions.
Whilst the wording in a General Power of Attorney will imply that it covers all legal actions that could be taken by the principal, there are specific powers that need to be explicitly provided for if they are to be delegated, such as the power to settle a dispute.
In general, a power of attorney is an instrument granting someone the right to act as agent on your behalf.
A power of attorney is a legal document, that allows the "maker" to pick someone (the attorney-in-fact or agent) to act on the maker's behalf to manage their health care or financial affairs if the maker is unable to do so himself.
THIS week the Alzheimer's Society is launching a new guidance booklet on lasting power of attorney to help the 35,000 people living with dementia here in the North East of England.
Consumer complaints to the ombudsman about power of attorney are growing.