Power of Attorney
Power of Attorney
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A power of attorney (POA) is a legal document that gives an individual, called the agent or attorney-in-fact, the authority to take action on behalf of someone else, called the principal
A power of attorney (POA) is a legal document that gives one party (the agent) the power to act on behalf of another person (the principal). A POA authorises the agent to act for them and/or make decisions for the principal and perform a variety of acts, including legal, health and financial activities, namely:
- Managing your income, bank accounts, etc.
- Selling, or managing your property.
- Entering into contracts or settlements on your behalf.
- Planning your estate.
There are five types of POA’s:
- Durable Power of Attorney - enables the agent to act for the principal who is not mentally competent or physically able.
- General Power of Attorney - allows the agent to act in various situations without any or few limitations.
- Specific Power of Attorney – unlike general this limits the agent's power to a specific powers.
- Springing Power of Attorney - becomes effective only upon the occurrence of a certain event chosen by the principal like an illness.
A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.
Download your general power of attorney template.
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Disclaimer:
This is a template agreement that has been written to assist you. It is your responsibility to ensure that the content of this document is correct and valid. Contact Legal&Tax to speak to a qualified specialist for professional advice.
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