A Power of Attorney for assets is a legal document that allows an individual, known as the “principal,” to appoint another person, known as the “agent” or “attorney-in-fact,” or “attorney” to manage their financial affairs on their behalf.
This document gives the agent the legal authority to make decisions about the principal’s finances, including buying or selling assets, managing bank accounts, paying bills, and making investments.
The power of attorney for assets can be limited or general. A limited power of attorney gives the agent authority to handle only specific financial matters, while a general power of attorney gives the agent broad authority to act on behalf of the principal in all financial matters.
It is important to note that a power of attorney for assets is a powerful legal document that grants significant authority to the agent. Therefore, it is important to choose an agent carefully and ensure that they are trustworthy and competent to handle the principal’s financial affairs.
Brian Madigan LL.B., Broker