power of attorney

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Related to powers 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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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 ?
Agents appointed in powers of attorney regularly make many sorts of decisions for principals and sometimes have plenary authority over all the principal's property.
Attorneys acting under enduring powers of attorney are able to apply for a declaration that a donor lacks or lacked capacity because of mental incapacity at a specified time or during a specified period or for the time being.
There, an elderly testator had suffered a stroke, and may have also been experiencing a series of other, smaller strokes, during the period of time she executed powers of attorney and various testamentary documents.
Powers of attorney have been used for many non-tax-related purposes (for example, general, limited and durable powers of attorney).
"It is also good to be able to appoint our children for our Powers of Attorney - we wanted to make sure that they were able to carry out our wishes and this is where the ILAWS team were fantastic.
In 1991, the Alberta Legislature passed the Powers of Attorney Act which permits people to execute an Enduring Power of Attorney, appointing another person to administer their entire financial affairs.
Powers of Attorney are fairly complex documents and, as such, are usually drafted by a solicitor.
Traffic police of Kyrgyzstan suggest to temporarily restore the car powers of attorney in order to solve the problem with the traffic tickets going to car owners, who sold their cars to third persons granting them power of attorney.