A Power of Attorney form allows you to appoint another person to act on your behalf should you ever require someone to make short- or long-term decisions for you. On a Power of Attorney form, the person granting authority to another is the Principal. The person who is granted authority is called the Attorney-in-fact or Agent.
A Financial Power of Attorney allows you to name your business or personal agent, someone who will make decisions or take actions on your behalf if you cannot. Your business or personal agent will make sure that your wishes are communicated to and taken into account by other parties. If you are out of the country when you are closing a business deal, paying a professional to manage your assets, keeping a personal assistant to do all of your banking and errands, or allowing your child to travel with a family friend, you can grant an agent power of attorney to sign documents on your behalf and/or make decisions for you.
A Power of Attorney document allows you to choose what your personal representative, or attorney-in-fact, will be responsible for by designating certain powers to them.
Powers of Attorney in the United States are subject to the laws of individual states, so the document changes to conform to your particular state s laws. There is no overall federal law concerning Powers of Attorney, but there is a model Uniform Power of Attorney Act which many states have adopted, fully or partially.
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