May 06, 2015 - 08:37 AM
I am not an attorney but I offer the following general information. POA is a legal document which grants a person referred to as the "attorney in fact" or "agent" by another person referred to as the "principal" the legal authority to make decision for them in the event the principal is not able to make decisions on their own behalf. The laws for creating this document vary from state to state, therefore I do recommend consulting with an attorney for all applicable laws and regulations.
The attorney in fact or agent's duties are usually outlined in the document as to the decisions they have the power to make, such as financial decisions. It is duties of the POA to keep accurate records of all transactions that he or she makes on behalf of the principal and for distinguishing between the types of decision he or she has the power to make. The attorney in fact should always act in good faith on behalf of the principal and in the principal's interest and not their own.
Sep 28, 2015 - 12:02 PM