A power of attorney (POA) is a legally binding document that allows you to appoint someone to manage your property, medical, or financial affairs. Although it can be uncomfortable to think about needing one, a POA is an important part of any estate plan. Anyone over 18 can create a POA, and it’s a common starting point for people who are ready to start formalizing plans for their future.
POA is typically used by those who cannot manage their affairs. This is generally due to an illness, aging, a disability, or simply being away for an extended period of time.
A POA is legal authorization for a designated person to make decisions about another person’s property, finances, or medical care.
Letter of attorney or power of attorney is an authorization to represent or act on another’s behalf in private affairs, business, or some other legal matter written by the Appointer. The person authorizing the other to act is the principal, grantor, or donor.
The POA is all about giving the right to act on your behalf to a trusted friend or family member. It allows the holder of the POA to take clearly defined actions and decisions on behalf of the donor in this case.
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