What is a Power of Attorney?
A “Power of Attorney” or also known as “POA” is a legal document in which one person appoints another to represent or act on his behalf. The person who appoints or makes the Power of Attorney is known as the “grantor” or the “principal”, whereas the person who gets the power is called an “agent” or “attorney-in-fact”.
The agent gets the authorization to make legal decisions about the principal’s property and finance. The power of attorney is commonly used when the principal is incapable of making his own decisions in case of illness, disability or also when the principal is not available to sign or be present for any legal or financial transactions.