Overview
A Power of Attorney is a crucial legal tool that allows individuals to designate someone else to make decisions on their behalf. This can be particularly important in situations where the principal is unable to manage their own affairs due to illness or incapacity. Understanding the different types ...
Key Terms
Example: In a POA, the principal is the individual who allows someone else to make decisions on their behalf.
Example: The agent can make financial decisions for the principal if they are unable to do so.
Example: A durable POA is often used for healthcare decisions when the principal cannot communicate.
Example: The agent must manage the principal's finances responsibly and transparently.
Example: A POA document often needs notarization to be legally valid.
Example: The principal can revoke the POA at any time as long as they are competent.