A Power of Attorney can be used for any adult individuals, but it needs to be notarized in order to be effective. Within these documents, the principal outlines exactly which powers they would like the agent to have. A principal can also appoint a secondary agent, should their agent be unable or unwilling to perform.
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.
The principal will also be able to choose how they would like the Power of Attorney to go into effect - for example, if they would like it to start at a specific date and last through incapacity, if they would it only like to begin if they are incapacitated, or if they would like to have it start at a specific date but end in case they are incapacitated.
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.