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.

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.

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.

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.

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.

References in periodicals archive ?
Through the creation of a comprehensive retirement plan including powers of attorney, you can rest easily knowing that you are prepared both financially and otherwise to enjoy your retirement.
In my experience as a financial planner, I believe most adults and certainly single persons, life partner couples and those with sizable retirement accounts should have current durable powers of attorney for financial and health affairs.
28) See Bailly & Hancock, supra note 21, at 45 ("With the[] [2009] changes, New York's law has been updated and refined to reflect the complexities that surround the use of powers of attorney in financial and estate planning matters.
Effective October 1, 2011, Powers of Attorney will have to be executed with the same formalities as a deed.
Palmer also cited paragraph 4-1 of the Power of Attorney Act, which provides "the form of health care agency in this Article is not intended to be exclusive and other forms of powers of attorney chosen by the principal that comply with Section 4-5 of this Article may offer powers and protection similar to the statutory short form power of attorney for health care.
A group named Ayez Haqqi (I Demand My Rights) has been attempting to gather signatures to grant powers of attorney to opposition leaders to call for a change in the Egyptian constitution.
Donna Bothamley, a specialist in the wills and probate department at Blythe Liggins Solicitors in Leamington, said that from October Enduring Powers of Attorneys (EPAs) would be replaced by new Lasting Powers of Attorneys (LPAs).
The letters and powers of attorney encountered in this investigation simply regurgitated the information supplied by the municipalities on their stale-dated check lists.
In several instances, NTSP gathered powers of attorney from its members where NTSP was appointed as their sole bargaining agent.
The Powers of Attorney Act, (PAA) allows an individual to create an EPA meaning that the power of attorney will not terminate upon the individual's (known as the "donor") mental incapacity.