What Is A Power Of Attorney?
A Power of Attorney (“POA”) is a legal document delegating authority from one person to another. The person who creates the POA is called the principle, and the trusted person who is authorized to act for the principle is called the “Agent”.
What authority is granted depends on the specific language laid out in the Power of Attorney document. A POA may be very broad or may be limited to certain specific acts.
While the Agent agrees to act in good faith, and in line with the Principal’s best interest, and owes a duty of loyalty, care, competency, and diligence to the principle, it is wise to choose carefully when selecting an agent, as the agent has a lot of power and authority.
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