Power of Attorney assigns permission to someone to perform certain duties for another individual. This form is frequently utilized with estate planning and is also used to enable an individual to make medical choices when a person can no longer speak for their self.
Giving power of attorney privileges is a very important decision that requires careful thought. Letting someone carry out financial transactions, make business decisions, or oversee healthcare choices can result in serious consequences if the person takes advantage of their position or does not perform duties.
There are several kinds of power of attorney forms that can be used. Each form involves a Principal and Agent or Attorney in Fact. Principals assign privileges and agents carry out tasks.