Article: Understanding Power Of Attorney Abuses
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Understanding Power Of Attorney Abuses
What is a Power of Attorney?
It is a written legal document that, in its simplest form, establishes a fiduciary relationship between two individuals. Essentially, it gives someone the authority to act on your behalf. The person that appoints a Power of Attorney is commonly referred to as the "principal" and the person that they appoint is referred to as the "agent," or the "attorney in fact."
Once a Power of Attorney is signed, the agent has the authority to make decisions for the principal. The Power of Attorney has to be created by a principal who has the mental capacity to understand what he or she is signing. This understanding must be demonstrated at the time that the document is signed. The authority granted under a Power of Attorney can either be broad ...
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