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Power of Attorney: Meaning and Types
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Power of Attorney: Meaning and Types
What Is a Power of Attorney (POA)?
The term power of attorney (POA) refers to a legal authorization that gives a designated person the power to act for someone else. As such, a POA gives the agent or attorney-in-fact the authority to act on behalf of the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care.
Types of Powers of Attorney
The two key types of POAs are financial and health care. We outline some of the main differences between these two and highlight some of the main types of financial POAs.
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