Power Of Attorney
Definition - What does Power Of Attorney mean?
Power of attorney refers to a legal document in which a person grants the right to make legal actions on his or her behalf to another person. The person who is granted the power of attorney can do things such as make financial transactions, make medical decisions, etc. on the behalf of the original person, also known as the principal.
Justipedia explains Power Of Attorney
People commonly give the power of attorney to someone whom they trust in case of an event where they become disabled or temporarily incapacitated. For example, if a man has given the power of attorney to his wife, then his wife can legally trade stocks, make other financial transactions, or legal decisions on his behalf if he is ever in a coma following an automobile accident. The power of attorney can also come into play if crucial medical decisions have to be made. A person with the power of attorney can make these decisions for the incapacitated person.