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power of attorney

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Glossaries

Term Definition
power of attorney
When 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 made more restrictive, by setting time limits for the agent to serve, limiting the agent to certain actions, or authorizing the agent to manage only 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 incapacitated. A durable power of attorney stays in effect if the principal becomes incapacitated.