Power of Attorney

Power of Attorney

A power of attorney (POA) is a legal document that gives one party (the agent) the power to act on behalf of another person (the principal). A POA authorises the agent to act for them and/or make decisions for the principal and perform a variety of acts, including legal, health and financial activities, namely:

  • Managing your income, bank accounts, etc.
  • Selling, or managing your property.
  • Entering into contracts or settlements on your behalf.
  • Planning your estate.

There are five types of POA’s:

  • Durable Power of Attorney - enables the agent to act for the principal who is not mentally competent or physically able.
  • General Power of Attorney - allows the agent to act in various situations without any or few limitations.
  • Specific Power of Attorney – unlike general this limits the agent's power to a specific powers.
  • Springing Power of Attorney - becomes effective only upon the occurrence of a certain event chosen by the principal like an illness.

A general power of attorney arrangement is terminated when the principal becomes incapacitated, revokes the power of attorney or passes away.

Download your general power of attorney template.

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Disclaimer:
This is a template agreement that has been written to assist you. It is your responsibility to ensure that the content of this document is correct and valid. Contact Legal&Tax to speak to a qualified specialist for professional advice.

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