What is a power of Attorney?
A power of attorney (POA) is a legal document, giving a person, who is called the agent, authority to act on behalf of the other person (the principal)’s behalf.
A POA is of different types;
- A limited POA is one given to the agent to act on behalf of the principal only in specific matter(s) or event(s) or for a particular period of time. i.e. where a limited POA is given, the agent can act on the principal’s behalf, only in matters that are specified in the body of the POA or for the period of time specified only.
- A general POA is given where the principal wants the agent to perform almost any act as the principal, such as opening financial accounts and managing personal finances. A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.
- A durable POA is given for the agent to act on the principal’s behalf and it includes what is called a durable cause. The essence of the durable cause is for the power of attorney to be maintained after the principal becomes incapacitated.
- A springing POA is given subject to the happening or occurrence of a specified event, e.g on incapacitation of the principal.
Do you wish to be guided on how to grant a Power of Attorney? Or you have any question or clarification regarding its content? Log on to our website – www.618bees.com or call us on +23412803791 to speak to any of our consultants to provide answers to such questions.
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