A power of attorney is a legal document that authorizes someone to act on behalf of another person in certain situations. The person who grants the power of attorney is known as the “principal,” and the person who is authorized to act on their behalf is known as the “agent” or “attorney-in-fact.”
The power of attorney can be general, giving the agent broad authority to act on behalf of the principal in various matters, or it can be specific, limited to certain types of transactions or situations. Some examples of situations where a power of attorney may be used include managing finances, buying or selling property, signing legal documents, or making healthcare decisions.
A power of attorney can be temporary or permanent, depending on the needs of the principal. It can also be revoked or changed at any time, as long as the principal is mentally competent to do so.
It is important to note that a power of attorney does not give the agent unlimited power or authority to act on behalf of the principal. The agent is still bound by legal and ethical responsibilities to act in the best interest of the principal and to follow any instructions given in the power of attorney document.