It is essential to know the different types of power of attorney there are, so the principal can better select which one will work for them. Depending on the type of power of attorney form, this could include medical decisions, choices surrounding financial transactions, or even taking custody of a minor for an extended period of time. Officially, power of attorney is a document and legal agreement that lets another person, often called the attorney-in-fact or agent, make decisions about them. A principal must appoint someone that they can trust and are confident in their capabilities. ![]() ![]() It is difficult due to the power and control it gives the agent over the principal’s assets or business dealings. Obtaining a POA is a serious and multistep process that can vary depending on the type and the state that the principal resides in. ![]() But other factors make establishing a POA a vital action to take, for example, if a principal cannot legally sign documents or handle a financial transaction in person. When people think or hear about power of attorney, they think of a principal fighting an illness or dealing with a disability that limits what they can do.
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