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A Power of Attorney (POA) is a legal document that authorizes a chosen individual, often referred to as the agent, to make decisions and carry out actions on behalf of another person, known as the principal.
This document is not a contract but a formal declaration by the principal granting the agent authority to act in their stead. It’s important to note that appointing a power of attorney doesn’t necessarily imply an inability to make decisions; rather, it provides a way for the principal to delegate decision-making responsibilities under certain conditions or for particular purposes.
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The scope of a power of attorney includes a wide range of legal and financial activities, such as managing transactions, handling property dealings, and engaging in contractual agreements on behalf of the principal.
Powers of attorney are categorized into two main types: general and special. A general power of attorney grants the agent broad authority to act on a variety of matters for the principal and remains in effect until the principal’s death, insolvency, or mental incapacitation unless a specific term is defined. Conversely, a special power of attorney is tailored to allow the agent to carry out a particular task, ceasing once that task is completed.
At Easy Contracts, our power of attorney documents are meticulously crafted to accommodate both general and special purposes, ensuring they can be personalized to meet your specific requirements.
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