Many business people have personal assistants to take care of some business dealings for convenience. You can ask a full time mom with four children that it is quite a luxury if she could get help running her home. By having other people work on your behalf is a pleasant commodity these days. With the power of attorney, you can have this done in your convenient. Although the general power of attorney does this, it may also have its own drawbacks should not take care to do it the proper way and grant it to a not so trustworthy individual.
Power of Attorney Explained
Understanding the core concept of a matter is where it all starts. The power of attorney is a written or documented authorization granted to an individual to act on behalf of another. The person being granted with such document is called an attorney-in-fact. The principal- grantor of the document- permits the attorney-in-fact to make decisions or perform on his behalf. This documentation however has specific time periods when the representation is valid.
Power of Attorney Coverage
Corporate executives are more or less the most common people to use the power of attorney since they usually have tight schedules, disallowing them to do business in different places at one time. The power of attorney benefits the executives since they can just send a representative to do the business for them hence making them more efficient. The agents are usually in the form of company} lawyers or junior executives of the firm.
For the common people though, corporate issues are not the vital coverage of the power of attorney. Health wise, the power of attorney provides settlement in healthcare issues and decisions. A health care power of attorney can also be granted to individuals which authorizes them to make decisions on medical care and treatments to the principal in case the later has become invalid. The power of attorney also provides the authority to decide between life and death of the principal if there should be no chance of full physical and mental recovery.
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