A power of attorney is a legal document giving one person (called an « agent » or « attorney-in-fact ») the power to act for another person (the principal).
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BREAKING DOWN ‘Power Of Attorney’
There are many good reasons to make a power of attorney, as it ensures that someone will look after your financial affairs if you become incapacitated. You should choose a trusted family member, a proven friend or a reputable and honest professional. Remember, however, that signing a power of attorney that grants broad authority to an agent is very much like signing a blank check – so make sure you choose wisely and understand the laws that apply to the document.