Series 82: Powers Of Attorney

Powers of Attorney

A power of attorney is a legal document that authorizes one party to act as agent for another (the grantor or principal) and make legally binding decisions on the grantor’s behalf. The agent, also called an attorney-in-fact, has a fiduciary duty to the grantor.

Powers of attorney are written for a variety of purposes and can be either general or limited in scope. With a general power of attorney, the agent is given broad authority to manage the grantor’s assets and financial affairs. A limited power of attorney grants only specific activities to the agent, such as the power to sell a particular property. These generally become effective immediately upon execution by the principal and terminate at some fix