Power granted to the attorney or attorney-in-fact to conduct any business which the principal could do himself, i.e. banking, real estate, stock and other business transactions, tax issues, claims, running the principal's business, etc.
A written instrument which empowers an individual to act on the behalf of another individual. The scope of the attorney's power may vary from being very specific ("only to execute a specific contract for me") to being virtually unlimited ("to do anything I am legally able to do").
A formal, written authority granted by one person, the Donor, to another, the Attorney, enabling the Attorney to act on the Donor's behalf and manage his financial interests. See Enduring Power of Attorney and General Power of Attorney.
The simplest and least expensive legal device for authorizing a person to manage the affairs of another. In essence, it is a written agreement, usually with a close relative, an attorney, business associate of financial advisor, authorizing that person to sign documents and conduct transactions on the individual's behalf. The individual can delegate as much or as little power as desired and end the arrangement at any time.
A power of attorney is a means whereby one person (the donor) gives legal authority to another person (the attorney or donee) to manage the donor's affairs. See also Enduring Power of Attorney and Continuing Power of Attorney.
An authority by which one person (principle) enables another (attorney-in-fact) to act for him. (1) General power â€“ authorizes sale, mortgaging, etc., of all property of the principle. This is invalid in some jurisdictions. (2) Special power specifies property, buyers, price, and terms. How specific it must be varies in each state.
a legal agreement which entitles the person you designate to make decisions or conduct financial transactions on your behalf. RISK is a potential incident, activity or situation where your health and safety could be threatened or violated. While abroad you will be in unfamiliar surroundings and will be exposed to risks to your person and possessions.
A power of attorney is a document by which a person appoints someone else, usually a trusted family member or friend, to act as their agent with authority to deal with and manage their property and other financial affairs.
a legal document that grants a designated person the right to act on behalf of another. A "special power-of-attorney" designation grants specific and limited powers, such as the authority to sign checks. A "general power-of-attorney" designation covers all business activities.
Exporters and Importers authorize Freight Fowarders and Customs Brokers to act as their agents, for export control and Customs purposes, with this document. Completed Power of Attorney documents, however, do not relieve importers or exporters from liability to the U.S. Government in the event of export control or entry errors.
A written and notarized document giving an individual legal power to act on behalf of another according to the terms of the document. The person who acts on behalf of the person who signs the power of attorney is called an "Attorney-in-fact." Powers of attorney may be broad (i.e.; covering financial matters, or medical issues), or limited (i.e.; for the one-time purpose of selling real estate). A power of attorney for medical care may also be accomplished by a Patient Advocate Designation. A power of attorney that makes provisions stating that it is effective even upon the disability of the maker, is known as a Durable Power of Attorney. There are no court forms provided for powers of attorney.
A paper that you (the principal) sign to give someone else (the agent or attorney in fact) the power to do certain things for you. You decide what powers the agent has. You can let your agent make financial, health or very limited and specific decisions for you.
( procuration) A written instrument empowering another person to act for the person giving them power of attorney. The person giving the power is known as the "principal" and the person who is acting in substitution for the principal is called the "attorney". From this we get the "attorney in fact".
(1) The legal right conferred by a person or institution upon another to act in the former's stead; (2) In the securities industry, a limited power of attorney given by a customer to a representative of a broker/dealer would normally give a registered representative trading discretion over the customer's account. The power is limited in that neither securities nor funds may be withdrawn from the account; (3) In the securities industry, an unlimited power of attorney given by a customer to a representative of a broker/dealer would normally give a registered representative full discretion over the conduct of the customer's account.
A legal document granting an individual the ability to make decisions for the retiree, joint annuitant, a minor or beneficiary. They have the right to make address changes, bank changes and make inquiries on behalf of the retiree. KPERS must have a certified copy of this document on file.
A person (the "principal") authorizes someone else (the "agent" or "attorney in fact") to take care of business for the principal. A power of attorney authorizes the agent to do whatever is necessary to manage the principal's assets. A limited or special power of attorney can be drawn up to be more restrictive, by setting time limits for the agent to serve, limiting the agent to particular actions, or authorizing the agent to manage just particular assets. There are general powers of attorney, limited or special powers of attorney, and durable powers of attorney. A general or limited power of attorney ends when the principal becomes incompetent. A durable power of attorney stays in effect if the principal becomes incapacitated.
This is a deed which enables another person (the Attorney) to sign documents and do things on your behalf, and in your name. This is often necessary if a buyer or seller will be abroad during the conveyancing transaction.
the documents that give an individual the right to act as someone else's attorney or agent or representative in case that person cannot speak for themselves.The person granted the power of attorney is called the attorneyâ€“inâ€“fact.Once the person granting power of attorney has passed on, the authority to act in lieu of the person no longer applies.
In Pennsylvania, any person of capacity, 18 or older can make a Power of Attorney to designate another person to act on his/her behalf. The power of attorney can be limited to certain specific responsibilities or it can cover large general areas of decision-making regarding your financial affairs. It is best to work with your attorney to make it as precise but flexible as you need. For example, in Pennsylvania, you can create a "springing" power of attorney that springs into effect when you are unable to make decisions or some other trigger (which you determine) is activated. CaregiverPA Resources - Power of Attorney
Legal document in which one person (principal) appoints another person (agent or attorney-in-fact) to act in his place. In Wisconsin, there are separate requirements for a power of attorney for business matters and for a power of attorney for health care. See chaps. 243 and 155, Wis. Stats. Scope: A power of attorney may be general, including most or all business decision-making powers, or it may be limited to a specific purpose. Duration: A power of attorney terminates upon death of the principal. It may also terminate upon incapacity (mental, not physical) of the principal, unless it is a durable power of attorney. A durable power of attorney must include a statement that the power of attorney is not affected by the subsequent disability or incapacity of the principal.
A document by which one person (the " principal") can authorize another person (the " attorney-in-fact" or "agent") to act for him or her. A power of attorney which is effective even after the principal is legally incapacitated is a "durable power of attorney." A power of attorney can also be "general," meaning that the agent can do almost anything the principal can do, or "limited," meaning that the agent only has certain specified powers.
The appointment of one person to act on behalf of another (agent) for all purposes or for very limited purposes. A legal instrument is needed to make this appointment effective. A power of attorney creates an Attorney-in-Fact (the agent). The agent may execute leases if provided in the power of attorney but caution should be taken to make sure the power of attorney is still in effect. A power of attorney ceases when the person granting it dies.
a legal document which gives another person (usually a spouse, other relative, or friend) the power to act on your behalf. In order to grant a power of attorney, you must be competent, and you do not lose the legal right to act on your own behalf.
A power of attorney is a written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies.
A document used by one person to give another signing authority. A power of attorney is in effect only as long as the maker is alive. We will accept a photocopy of the original Power of Attorney that is Medallion guaranteed.
A written document in which a mentally competent adult (called the "principal") appoints another mentally competent adult or a corporation (called the "agent" or "attorney-in-fact") to act on the principal's behalf. The attorney-in-fact may perform any legal function or task which the principal has a legal right to do for him or herself.
The written instrument by which the authority of one person to act in the place and stead of another as his or her attorney in fact is set forth. Authority given a person or corporation, called an attorney in fact, to act for the obligate another to a specific extent.
A document, authorizing the person named therein to act as the agent, called the attorney-in-fact, for the person signing the document. A durable power of attorney remains in effect even if the principal becomes incapacitated. The ability of the attorney-in-fact to use the power of attorney terminates when the principal dies.
A legal document where a person can appoint another (the attorney) to manage their affairs. An Enduring Power of Attorney remains valid even if the person giving it loses mental capacity. It can be used for a spouse, family member or trusted friend to help a person who has lost the ability to look after their own financial affairs. It must be signed before the person loses capacity. A Springing Power of Attorney is a document that attempts to create a power of attorney triggered by incapacity (it is supposed to "spring" into effect on the loss of capacity). Springing Powers of Attorney are not legal valid
A legal document that grants one person the authority to act on behalf of the person granting the power of attorney on various matters. For an introduction to powers of attorney in Canada, including a sample power of attorney, please click here.
A formal instrument by which a person or company (normally referred to as the 'principal') gives power to another party (normally referred to as the 'attorney') to act for him either in relation to certain specified matters (a limited or defined power of attorney) or generally (a general power of attorney) and to sign documents, enter into legal relationships and assume obligations on behalf of principal. An ordinary power of attorney can be given on a revocable basis or it can be made on an irrevocable basis for a fixed period of time. Under normal circumstances, a power of attorney is automatically revoked by the death of or by the loss of mental capacity of the principal. See also Enduring Power of Attorney Close
A Power of Attorney is a legal document that allows one person to act for another person. Example: You could give a Broker a Power of Attorney to act on your behalf with regard to all insurance matters.
A document which enables someone else to make legal decisions and sign legal documents on your behalf. A "general" power of attorney gives almost unlimited rights, while a "limited" power of attorney limits the rights to certain, defined areas. A power of attorney is sometimes used in real estate if a seller or buyer cannot attend a closing, and wants someone else to stand in for them.
A traditional form of appointing another person (the attorney-in-fact) to act on one's behalf. 'Durable' powers of attorney continue beyond one's competency. A durable power of attorney for health care specifically gives the attorney-in-fact the power to make decisions about the patient's medical treatment.
1. The authority to act in another personâ€™s behalf, at this request. If your are granted such authority you are called the attorney-in-fact. If you are the grantor (see Grantor), you may revoke a power of attorney at any time. If you, as grantor die, relocate or are judged legally incompetent, the power of attorney will automatically terminate. 2. A document granting the power of attorney.
a power of attorney is both the authority given by one person ('the donor') to another person ('the donee' or 'attorney') to act for the donor in a transaction or a series of transactions or in the management of his or her affairs and the document by which that authority is given. Under the law of England and Wales a power of attorney made by an individual must be executed as a deed (Powers of Attorney Act 1971 s 1(1)).
Legal document in which one person authorizes another person to act in their behalf. A Durable Power of Attorney remains valid even in case of incapacitation (often the time it becomes most useful). Separate powers of attorney are needed for health care decisions and for finances.
A written agreement with a relative, friend, attorney, or business associate who is given authorization to sign documents and conduct transactions on the individual's behalf. ................................................................................................
It is an instrument empowering a specified person or persons to act for and in the name of the person executing it. The person for whom the act is done or who is so represented is called principal. The person who is so authorized to do or represent is called agent. It may be either notarized or registered depending on the transaction.
is a document usually drawn up by a solicitor by which a person appoints another person (the attorney) and sets out what the attorney is authorized to do. It is used to cover emergency situations in which, because of absence, accident or illness, a person is unable to take essential actions of their own behalf (such as withdrawing money from a bank account and signing documents). One needs to consider very carefully who is the appropriate person to be given your power of attorney, particularly if that person is not your spouse. Enduring Power of Attorney provides for a nominated person (e.g. spouse) to hold power of attorney for you where a medically qualified person certifies that you cannot sign documents. You should consult your solicitor for detailed advice.
When one party authorizes another party to act on his or her behalf in business dealings. For example, someone with power of attorney can sign cheques or other legal documents for the person who gave authorization. A written document is required to prove that power of attorney has been granted.
A written instrument authorizing a person to act as the agent of the person granting it, and a general power authorizing the agent to act generally in behalf of the principle. A special power limits the agent to a particular or specific act as: a landowner may grant an agent special power of attorney to convey a single and specific parcel of property. Under the provisions of a general power of attorney, the agent having the power may convey any or all property of the principal granting the general power of attorney..
Exists when one person, the principal, gives someone else, the attorney in fact or agent written authority to do some specified act(s) in the principal's name. The document should state who the principal is, who the attorney in fact is and it should describe with particularity what powers are given to the attorney in fact.
Written instrument where on persons, as principal, appoints someone as his or her agent, thereby authorizing that person to perform certain acts on behalf of the principal, such as buying or selling property, settling an estate, representing them in court, etc. Private Investigator A person privately hired to do investigative or detective work. Also called private detective, private eye. Probate Legal process used to determine the validity of a will before the court authorizes distribution of an estate; legal process used to appoint an someone to administer the estate of someone who died without leaving a will.
This is a legal document giving another person, known as agent or attorney in fact, the full legal authority to act in your behalf in your absence. A power of attorney loses its validity in the event the principal becomes disabled or dies. Most states however, permit a "durable" power of attorney which remains valid through the disability or incompetence of the principal. A durable power of attorney can be used in conjunction with a living trust by allowing the agent to transfer any property that wasn't transferred prior to the disability or the settlor to the trust. See “Durable Power of Attorney”.
A legal document authorizing someone to act on another’s behalf. If a customer owes money on a trade-in, a dealership will have the customer sign a limited power of attorney giving the dealership the authority to pay off the customer’s loan.
A legal document that authorizes a specific person to act on behalf of the another person. This generally applies to signing certain legal documents and making decisions on behalf of the another person. A power of attorney may be designated to help decide the payment options for a beneficiary.
a legal document authorizing one individual to act as the agent or "attorney" for another (the "principal"). If the attorney is authorized to act in behalf of another for all matters, he or she has general power of attorney. Authority to act solely regarding specified situations is special power of attorney. If the authority granted extends beyond the disability of the principal, the attorney has durable power of attorney.
A legal agreement that authorizes someone to handle or share in handling the financial matters of another person. A "durable" power of attorney can continue to give power to another in handling financial matters after incapacitation has occurred.
A person may designate another to act for him or her in limited situations (Limited Power of Attorney), or generally (General Power of Attorney). The person accepting this appointment is known as the Attorney in Fact. The Attorney in Fact may act for the principle in any area designated in the document. In Utah, a power of attorney may be made "durable" so it remains in effect after the person who granted it becomes incapacitated or incompetent.
a document in which you delegate to an attorney-in-fact your authority to administer your assets and make legal and financial decisions. Powers of attorney can be effective immediately upon their execution (signing) by you, or "springing," that is, effective only upon a triggering event such as a certification of your incompetency. The power of attorney used for estate planning is a "general"power of attorney, meaning it gives your attorney-in-fact virtually unlimited power (as opposed to a "specific" or "limited" power of attorney, which would only allow your attorney-in-fact to do one thing, such as sell real estate for you). The power of attorney used for estate planning is also always "durable," meaning that it remains effective after you become incompetent, which of course is the main reason for having the document.
A legal document that allows you to designate your lawyer or a third party to sign and authorize documents on your behalf should you be unavailable. This may be useful during the period leading up to and including closing day, as well as in the long-term to ensure that your affairs can be taken care of by a person you trust in the case of your leaving the country or becoming disabled.
A document that gives another person legal authority to act on behalf of the person who makes the document. Principal is: (1) When creating a Power of Attorney or other legal document, the person who appoints an agent to act on his or her behalf. (2) In the law of trusts, the property of the trust, as opposed to the income generated by that property. The principal is also known as the trust corpus; that's Latin for "body." For example, Arthur establishes a new trust with $100,000, with interest and other income payable to Merlin; the $100,000 is the trust principal or corpus.
A document that appoints an agent or agents to manage your finances. You can give your agent as much or as little power over your property as you wish. If a power of attorney is durable, then it continues to be effective after the principal becomes incompetent.
a document in which you delegate your authority to administer your assets or make medical or other decisions. Powers of attorney can be effective upon their execution (signing) by you, or "springing," that is, ineffective until a triggering event such as a certification of your incompetency. They can also be "general," effective only as long as you are competent and alive (whether or not your agent knows of your death); or "durable," that is, effective whether you are competent or not, and effective as long as your agent does not know of your death.
A written document authorizing another to act on his behalf as an Attorney in Fact. One does not need to be a licensed attorney to act as an attorney in fact but power of attorney forms are powerful legal documents that should be used only under advice of a licensed attorney at law.
Authorization by one person of another person to act on his or her behalf in specific situations. The granting of Power of Attorney is a private matter between the principal and the person authorized to act on his or her behalf.
A document that authorizes one person to legally act as the agent for, or in place of, another person in performing various actions under specified conditions. Full power may be granted, or authority may be limited to certain functions.
A written, signed authorization empowering another person to act in the name of the signer (often times a â€œlimited Power of Attorneyâ€ may be required by a closing company to be signed by the seller with their deed documents. This should be limited to this specific transaction and only for the purpose of signing legal corrections).
Authority given to one party to act for another. A P/A is completed by back-to-back DC applicants to give the Bank authority to substitute invoices and to draw and issue drafts under the master DC if the customer fails to do so - see â€œSpecial DCsâ€.
An agreement establishing an agent-principal relationship. The "power of attorney" grants the agent authority to act on the principal's behalf under certain designated circumstances. In the futures industry, a power of attorney must be in writing and is valid until revoked or terminated.
A legal document that gives someone else full legal authority to sign on your behalf in your absence (different from the fiduciary duty of a trustee). Ends at disability or death. Some states permit a durable power of attorney that is valid through disability and ends at death. Limited powers of attorney give someone else only limited authority for a very specific purpose.
A written instrument authorizing one person (the attorney in fact) to act as another´s agent to the extent stated in the instrument. If it authorizes action in a real estate transaction (such as signing a deed on behalf of the principal), the power of attorney must be recorded.
A document which authorizes a person to act for another within the limitations it contains. A subscriber to an interinsurance exchange executes such a document in favor of the person who operates the exchange.
A legal agreement that authorizes a specific individual to handle certain decisions for another. There are two types of power of attorney: limited and full. A limited power of attorney might permit one to engage in transactions in a specific investment account. A full power of attorney could allow more enhanced authority, including transferring funds between accounts.
A medical power of attorney is a document that lets you appoint someone you trust to make decisions about your medical care. This type of advance directive also may be called a health care proxy, appointment of health care agent or a durable power of attorney for health care. Back to the Top
An authority by which one person enables another to act for him or her. A specific power of attorney is required for real estate transactions. The powers given may include the power to execute a note, endorse checks and/or purchase property.
a power of attorney is the formal grant to another person to act on your behalf - either generally or in certain limited circumstances. A recent development in the law has been the introduction of the concept of the enduring power of attorney - a document by which a person can grant rights to a person to act on their behalf should they become incapable of doing so themselves, but subject to certain safeguards.
An instrument authorizing a person to act as the agent of the person granting it. A special power of attorney limits the agent to a particular or specific act, as a landowner may grant an agent special power of attorney to convey a single and specific parcel of property. Under a general power of attorney, the agent may do almost anything for the principal that the principal could do himself or herself. A document authorizing a person (an attorney-in-fact) to act as an agent. Back to the Top
is a written instrument duly signed and executed by a person who authorizes an agent to act on his/her behalf to the extent indicated in the instrument. Pre-payment Clause is a clause in the mortgage which gives a mortgagor the privilege of paying the mortgage indebtedness before it becomes due. Proprietary Lease is the lease issued by a cooperative corporation to each tenant/stockholder prescribing the right to occupy a specific apartment. It includes general obligations.
A Power of Attorney is a document whereby one person confers on another the right to act on his or her behalf and in that respect the attorney can act just as though he or she were the donor of the power. Such a power can be used, for instance, to operate bank accounts or to sign documents or deeds.
The power one person or legal entity grants to another to act on behalf of the person granting authority. The document granting such power normally specifies exactly how much power the attorney-in-fact (recipient of the power of attorney) will have.
It is the granting of decision-making authority by one party to another. Here, it would be the client to the money manager or account executive. The Power of Attorney may be limited or full. When it is limited, the limitation is to trading or investing decisions only. When it is full it expands to cash and other decisions as well.
A legal document that allows someone else to act on your behalf, in matters that you specify in the Power of Attorney document. You can also use this document to authorize an individual to receive information administered by us for non-tax issues such as Homeowner & Renter Assistance, Child Support Collection, etc.
A document that gives another person legal authority to act on your behalf. A Power of Attorney may be "general", which gives your attorney-in-fact extensive powers over your affairs, or it may be "limited" or "special", giving your attorney-in-fact permission to handle a specifically defined task. PLEASE NOTE: For a real estate transaction, the power of attorney must be specific to the transaction.
A document which gives a person the right to make binding decisions for another, as an agent. A power of attorney may be specific to a certain kind of decision or general, in which the agent makes all major decisions for the person who is the subject of the power of attorney. The person signing the power of attorney is usually referred to, in law, as the donor and the person that would exercise the power of attorney, the donee.
A written legal document in which one person (the principal) appoints another person to manage the principal's financial affairs. Even though the intent is that the power of attorney will not take effect until the principal becomes unable to handle his or her own affairs, it actually takes effect on the date it is signed, unless otherwise specified. And, unless otherwise specified, the durable financial power of attorney applies only to assets owned directly by the principal, and not to any assets transferred into a trust by the principal. Unlike an ordinary power of attorney, a durable power of attorney remains in effect even after the principal can no longer manage his or her own affairs. Here are 2 helpful articles: Medical and Financial Powers of Attorney and Helping a Loved One Make a Power of Attorney.
A written document authorizing someone else to act in his/her place. General Power of Attorney A written document authorizing another to perform any legal act that the person granting the power of attorney could perform. Special Power of Attorney A written document authorizing another to perform specific legal acts or acts setting forth specified limits on the authority.
is a document where one individual gives another individual the authority to act in their behalf. The document must clearly spell out the limits of the authority. On occasion in real estate transactions a spouse may give their partner a power of attorney to sign for them if they are not able to attend the closing.
The written legal authority to act on behalf on another with the legal effect that the actions of the person so acting are legally binding and considered the actions of the person granting the power of attorney.
An authority by which one person (principal) enables another (attorney in fact) to act for him. Prescriptive Easement The granting of an easement by a court, based on the presumption that a written easement was given (although none existed), after a period of open and continuous use of land.
A written, legal agreement authorizing a specific person to handle certain affairs for another or for more than one individual. A limited power of attorney could allow transactions within a specific investment account; a full power of attorney could allow greater authority, such as moving assets between accounts or to another mutual fund company or brokerage service.
A notarized written document authorizing a person to act on behalf of another person. The power of attorney may grant the attorney-in-fact general powers to act on all matters or special powers to act on specific matters. Unless the power-of-attorney is durable, it becomes void upon incapacity of the grantor. Generally, all power of attorney becomes void upon the death of the grantor.
a U.S. residentÑwho may be an employee, customhouse broker, partner or corporation officerÑ empowered to accept service of progress on behalf of the person or organization issuing the power of attorney.
A written document that authorizes an individual to perform certain acts on behalf of the person signing the document. The document, which must be witnessed by a notary public or some other public officer, may bestow either full power of attorney or limited power of attorney and it becomes void upon the death of the signer.
A written instrument by which one person, called the principal, appoints another as his agent or attorney-in-fact, and gives him the authority to perform certain specified acts or kinds of acts on behalf of the principal.
A legal document giving another person legal authority to sign your name on your behalf in your absence; ends at incapacity or death; some states permit a durable power of attorney which is valid through incapacity and ends at death. These are general powers of attorney. There are also limited powers of attorney that give someone only limited authority for a very specific purpose (for example, to transfer a car title).
A Power of Attorney is a legal document whereby one person (the "Donor") gives another person or persons (the "Attorney") the power to act on his or her behalf with regard to his or her property and financial affairs.
An instrument signed by a Party, witnessed and acknowledged before a Justice of the Peace or Notary Public, authorizing an individual to act on behalf of the Party to do a particular act, appear in a particular matter, or for the general transaction of business.
A document that allows you to appoint a person or organization to handle your affairs while you are unavailable or unable to do so. The person or organization you appoint is referred to as an "Attorney-in-Fact" or "Agent."
During lifetime a grantor may wish to authorize someone full or limited power to perform specified acts or make decisions. A power of attorney gives this power in a document usually drafted in accordance with state law. The power terminates at the death of the conveyor.
Written document that permits a third party to do transactions on the behalf of the person signing the document. Depending on the specifications within the document, a power of attorney may be full or limited.
The power of attorney may be given to individuals who have been granted the legal right to aid an inventor in the filing of a patent application. These individuals include a single representative inventor and all registered patent attorneys or agents in good standing.
A document that gives another person legal authority to act on your behalf. If you create the document you are called the principal. The person to whom you give this authority is called your attorney. A power of attorney may be general or limited. If you make an Enduring Power of Attorney, the document will continue in the event you become incapacitated. There are strict rules relating to the execution of Power of Attorney which if not followed means the Power of Attorney has no effect.
A written document by which you grant to someone the authority to act on your behalf on various matters. A power of attorney is different from a will, which provides for the orderly distribution of your estate after your death; a power of attorney terminates on your death. There are different types of powers of attorney dealing with specific or general financial or health issues.
(1) The authority given to one person or corporation to act for and obligate another to the extent set forth in the agreement creating the power. (2) The authority given to the chief administrator of a reciprocal insurance exchange, who is called an attorney in fact, by each subscriber. See also Attorney in Fact and Reciprocal Insurance Exchange.
An instrument authorizing someone to act as another person's agent or attorney. The agent is attorney in fact, and his power is revoked at the death of the principal by operation of law. Power of attorney may be general or special.
A document that gives another person legal authority to act on your behalf. If you create such a document, you are called the principal, and the person to whom you give this authority is called your attorney-in-fact. If you make a durable power of attorney, the document will continue in effect even if you become incapacitated. For examples, see durable power of attorney for finances; durable power of attorney for healthcare.
A power of attorney or letter of attorney in common law systems or mandate in civil law systems is an authorization to act on someone else's behalf in a legal or business matter. The person authorizing the other to act is the "principal" or "grantor (of the power)", and the one authorized to act is the "agent" or "attorney-in-fact" [AIF]. The attorney-in-fact acts "in the principal's name" -- for example, by signing the principal's name to documents.