2007-07-08 07:00:09 · 6 answers · asked by Maury M. K 1 in Business & Finance ➔ Personal Finance
It is a legal document giving someone (you choose who) control over your finances (bank account, bills, etc.) and if you are hospitalized, they oversee your wishes (DNR, etc.). They represent you when you cannot do so yourself.
In the case of mental illness, a family member will obtain POA on that person's behalf. They then make decisions that are in the best interest of their relative.
Hope this helps.
2007-07-08 07:03:14 · answer #1 · answered by Rhonda 7 · 1⤊ 0⤋
A power of Attorney authorizes someone (the Attorney if Fact) to act in the name of someone else (the Principle). It can be a General Power of Attorney, allowing nearly any action the Principle could take in their own name. It can also be a limited Power of Attorney, granting only powers specifically listed. A power of Attorney can be granted simply for convenience, or because the principle expects to be unable to handle his/her own affairs.
act_won is mistaken about the term of a POA. When you die, any POA dies with you.
2007-07-08 14:32:05 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Websters dictionary says: authority for one person to act for another.
One time my wife couldn't make it to the closing meeting for the sale of our house, so she had a power of attorney form created, she signed it, it was notorized, so I was able to sell the house at the closing without her there because I acted for her.
I believe a power of attorney document can be for a limited purpose, like the sale of a house, or for complete control of a person's finances and decisions.
2007-07-08 14:07:36 · answer #3 · answered by hottotrot1_usa 7 · 0⤊ 0⤋
when you give power of attorney (poa) you are allowing somoene else to make decisions on your behalf if you are incapacitated or worse dead! they are put in place to handle the affairs of your estate.
therefore, your power of attorney should be someone you trust and will follow your directions. usually you choose a parent or a close friend that knows what your best wishes are.
2007-07-08 14:09:25 · answer #4 · answered by act_won 4 · 0⤊ 0⤋
It means that you are in charge what ever happens medically, legally to that person and/or their estate. Usually, senior citizens unable to make rational decisions or people in comas have someone become their power of atty.
2007-07-08 14:04:06 · answer #5 · answered by CAT 6 · 0⤊ 0⤋
power of attorney means that a person give someone else complete control of their assets etc. due to health issues/mental issues.
2007-07-08 14:03:31 · answer #6 · answered by Anonymous · 0⤊ 1⤋