Can you please explain the concept of "The power of attorney"?

Question

What exactly does that mean? Thanks!

Answer 1

It means you legally authorize someone to handle your financial and or health matters.

There are different reasons/situations to give someone Power Of Attorney; including medical reasons,leaving the country for an extended amount of time.


Here is a link where you can read up on it and find out requirements in your state.

Answer 2

The defenition of attorney is:

"one who is legally appointed to transact business on another's behalf".


A power of attorney is a document which legally appoints another to act on your behalf.

They can be:

1. Enduring: Come into effect immediately and continue until you revoke them.

2. Springing: Come into effect when you are not physically or mentally able to handle your own affairs.

3. Limited: Allow someone to handle a certain transaction. (ie. sign documents to sell an asset if you are not available to do so OR manage affairs but not dispose of assets.

Health care attorneys, although once popular are now really to the wayside. Nowadays people appoint health care proxies. It is a simpler form that allows for someone to make healthcare decisions for you when you are not able. These "Health care directives" can be simple, appointing one person or two people to make decisions jointly, or appointing one person and then another if the first is unavailable. In this directive you can give the person total power to chose, or you can state specific wishes, like not to be on life support, receive blood transfusions or the like.

Answer 3

There are different forms of power of attorney. In general, if you have power of attorney over someone else, you have the right to make decisions for them. There are financial powers of attorney, healthcare powers of attorney, and general power of attorney which would allow one to make decisions about housing, care, etc for someone who is not competent to make decisions for himself.

Answer 4

It mean that in an instance when an individual is not able to make decisions for themselves (incapacitated, etc.) then the power of attorney can do so for them.