What is Special Power of Attorney?

by Kanika Goyal Online Consumer Forum

Power of Attorney is a legal document which allows a person to appoint another entity or person to act on their behalf to manage their affairs. The person who indicates the power of attorney is called as the principal and the person who is granted the authority over the affairs is known as the attorney-in-fact.

A power of attorney is in effect only when the principal is alive and can only be legislated by a principal who is competent mentally.

Main roles of Power of Attorney:-

Making decisions related to medical on behalf of the principal.

Handling legal and financial matters on behalf of the principal

Decision making on behalf of someone who has lost their mental capacity.

Reason to generate a power of attorney template:

1. For signing contracts, buying and selling of stocks and bonds, paying bills, managing real estate and just about any kind of matter that individual wishes to delegate to an agent.

2. A power of attorney has evolved into a useful mechanism that allows people to grant the authority to professionals with expert skills, who can represent them in legal, business and financial arenas that require specific knowledge the person might not have.

3. This gives a chance to people to level the playing field when it comes to dealing with larger institutions that have paid the professional staff dedicated to acting on their behalf

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