what is a Power of Attorney (POA)?
The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to act for someone else. As such, a POA gives the agent or attorney-in-fact the authority to act on behalf of the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care. There are two main types of POAs, financial and health care—both of which provide the attorney-in-fact with general or limited powers.
How a Power of Attorney (POA) Works?
A power of attorney is a legal document that involves the agent or attorney-in-fact, and the principal. It is used in the event of a principal's temporary or permanent illness or disability, or when they can't sign necessary documents. The principal must choose a POA who they trust to handle their affairs for them. Documents can be obtained online or through a lawyer. Both parties must sign the paperwork. A third party is usually required to witness it.
Most POA documents authorize the agent to represent the principal in all property and financial matters as long as the principal’s mental state of mind is good. If the principal becomes incapable of making decisions for themselves, the agreement automatically ends.
Types of Powers of Attorney
Health Care Power of Attorney (HCPOA)
Health Care Power of Attorney (HCPOA)
The two key types of POAs are financial and health care. We outline some of the main differences between these two and highlight some of the main types of financial POAs.
When a person wishes to grant an agent the authority to make decisions related to their health, they can execute a durable power of attorney for health care, commonly known as a Health Care Power of Attorney (HCPOA) or health care proxy. This legal document expresses the principal's consent to endow the agent with power of attorney privileges specifically concerning health-related matters. The HCPOA comes into effect in the event of an unfortunate medical condition, allowing the designated agent to make informed decisions on behalf of the principal.
Financial Power of Attorney The financial
When a person wishes to grant an agent the authority to make decisions related to their health, they can execute a durable power of attorney for health care, commonly known as a Health Care Power of Attorney (HCPOA) or health care proxy. This legal document expresses the principal's consent to endow the agent with power of attorney privileges specifically concerning health-related matters. The HCPOA comes into effect in the event of an unfortunate medical condition, allowing the designated agent to make informed decisions on behalf of the principal.
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