Restrictions for Use of a Power of Attorney

Willjini2423 Apr, 2024Legal

A Power of Attorney (POA) is a legal instrument granting an agent authority to act on behalf of a principal. This allows the agent to manage various matters when the principal is unable or prefers not to do so. It's crucial for both parties to understand the scope and limitations of the POA. The document outlines authorized actions, with general or specific powers, and may contain limitations, complying with state laws. The agent must uphold a fiduciary duty, acting in the principal's best interests, avoiding conflicts of interest, and keeping records transparent. Termination of the POA can occur through revocation, incapacity, or death of the principal. Legal challenges may arise, necessitating defense of the document's validity. Understanding these aspects ensures responsible POA use. WillJini offers succession planning services, providing legal expertise for creating Family Trusts remotely. Contact them for assistance.