This document can be used to handle a variety of situations, and can be customized based on your need. You can grant a POA related to different areas of your life, with varying degrees of power for the agent, and for any timeframe that you desire.
A simple POA will identify the following basic elements:
- Agent(s): a responsible and trustworthy person acting on your behalf.
- Principal: person assisted with personal, business, or legal matters.
- Grant of Authority: general or specific authority to take certain actions.
- Effective Date: when the the form effectively begins, usually immediately.
- Signatures: the Principal and a Notary must sign the document.
A Power of Attorney is a document between two parties, a principal and an agent, through which a principal can appoint someone to make financial decisions on their behalf. The principal is the person who signs the Power of Attorney and allows the agent to take over financial assets. Often, documents such as this are used when a principal is unable to make their own financial decisions, or in some cases, simply needs someone else to make such decisions for them. It is a serious document which should be entered into after much consideration.
A Power of Attorney is also not like a bilateral agreement, it is more of a unilateral description of what authority is permitted by the principal.