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Power of Attorney
A power of attorney is an authorization to act on someone else's behalf, the principal, in legal or business matters. A power of attorney appoints an agent, referred to as an attorney-in-fact, to use the authorized power to act on behalf of the principal.
As mentioned, power of attorneys appoint an attorney-in-fact who has a fiduciary responsibility to the principal and a legal obligation to be honest and loyal to the principal in applicable matters. The power of attorney authorizing the powers will be provided to individuals or entities with which the attorney-in-fact conducts the principal's affairs.
The durable power of attorney continues in effect and/or takes effect when the principal is incapacitated or disabled. If the power takes effect only after the principal's incapacity, or other definitive circumstance, it is referred to as a springing power of attorney due to the power "springing" into effect upon the occurrence of the event or condition. After such incapacity or event, the springing poa is identical to a durable poa.
Power of attorneys are available for financial, health care, real estate or limited uses.
