Power-of-Attorney (POA) is referred to an authorization given by a (Principal or Grantor) to another person referred to as (Agent or Attorney-in-Fact) to act on his or her behalf; in matters such as business, personal or legal.
Please note the difference between Attorney-in-Fact and Attorney-at-Law: an attorney-at-law is a licensed lawyer; while Attorney-in-Fact can be a layperson.
Depending on jurisdiction and the subject matter, a power-of-attorney can be oral. However, some institutions such as banks, hospitals and so on require that power-of-attorney to always be in writing; signed by the grantor and even notarized.
Equal Dignity Rule:
This rule mandates that if a transaction is required by the Statute of Fraud to be in writing, when the principal is conducting it, then the power-of-attorney to the agent, who is authorized to complete such a transaction must also be in writing.
While an Attorney-in-Fact is a Fiduciary (Honest and Loyal to Principal) to the principal, it is important to choose the right person. There are many examples of Attorneys-in-Fact, who abused their authorities by pillaging and plundering the principal's assets or not acting in good faith.
Of course, the law requires that Grantor of a Power-of-Attorney must be of legal age and sound mental health to grant a Power-of-Attorney. For instance, a person, who is not of the age of majority or has mental infirmities may not have the requisite mental capacity to grant an valid power-of-attorney.
TYPES OF POWERS-OF-ATTORNEY:
A Power-of-attorney can be limited, special, or temporary, which authorizes the agent to conduct a specific transaction or General, which may allow the agent to make all personal and business decisions. A temporary power-of-attorney has a limited window of time.
Under the common law, a power of attorney becomes ineffective if its grantor dies or becomes "incapacitated." However, if the grantor (or principal) specifies that the power of attorney will continue to be effective even if the grantor becomes incapacitated; then the agent has a “Durable or Enduring Power of Attorney.”
As mentioned above, empowering a person with the power to act as your agent is a highly important decision. Make sure, you know your rights, duties and the scope of your representation prior to issuing a Power-of-Attorney.
You can do that simply by consulting with a Capable, Credible and Compassionate Chosen Lawyer, through your Private, Confidential and Highly Secured Audio/Video/Text (LIVE CHAT) Portal, right away. All you need to do is click on Contact Page at www.ChosenLawyers.com and fill out the simple form.