A power of attorney is a legal document that binds the agent or attorney-in-fact and the principal. It's used in the event of a principal's temporary or permanent illness or disability or when they can't sign necessary documents. Both parties must sign the document and a third party is usually required to witness it.
What is a financial power of attorney?
A financial power of attorney, also known as a financial POA or general power of attorney POA, is a legal document that grants an individual the authority to manage another person's financial matters. This type of POA is restricted to financial matters and does not extend to healthcare decision-making.
What is a medical power of attorney?
A medical POA, also known as a health care power of attorney, is a limited power of attorney that appoints an agent to make health care decisions on your behalf. The duties of the agent of a medical POA can include: A financial POA is another type of limited power of attorney that grants an agent authority over your financial matters.
