A power of attorney is a document where you give someone else the right to act “as you” in certain, defined situations.
If A holds B’s Power of Attorney, A can act as B in business and financial transactions. Some powers of attorney are limited to specific rights. For example, if Smith will be out of the country when the property he owns is scheduled to close, Smith might appoint Jones as his power of attorney for the real estate described in the transaction, giving Jones the right to attend the closing and sign the documents as if he were Smith.
Other powers of attorney are much broader, including not just the right to sell property but also the right to deposit and withdraw from bank accounts, move investments and make healthcare decisions.
If you have questions about a power of attorney, or wonder whether this document might benefit you, contact KJD Legal today.
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