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There are some potential disadvantages of being a power of attorney. The POA must be able to make serious choices that could involve the person's health and estate. If you breach your duty, you could owe the principal compensation for damages. The principal could sue you if you did not act in their best interest.

A power of attorney gives one or more persons the power to act on your behalf as your agent. The power may be limited to a particular activity, such as closing the sale of your home, or be general in its application. The power may give temporary or permanent authority to act on your behalf. Power of Attorney - American Bar Association americanbar.org https://.americanbar.org › resources › estate-planning americanbar.org https://.americanbar.org › resources › estate-planning

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over. The POA cannot distribute inheritances or transfer assets after the death of the Principal.

A power of attorney gives the attorney the legal authority to deal with third parties such as banks or the local council. Some types of power of attorney also give the attorney the legal power to make a decision on behalf of someone else such as where they should live or whether they should see a doctor. Managing affairs for someone else - Citizens Advice citizensadvice.org.uk https://.citizensadvice.org.uk › looking-after-people citizensadvice.org.uk https://.citizensadvice.org.uk › looking-after-people

A power of attorney (POA) is a legal authorization that gives the agent or attorney-in-fact the authority to act on behalf of an individual referred to as the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care.

What three decisions cannot be made by a legal power of attorney? A power of attorney cannot change or invalidate a will, act outside of the principal's best interest, or violate the terms of nominating documents, and cannot make decisions on behalf of the principal after their death.

A property and financial affairs LPA gives your attorney the power to make decisions about your money and property. This includes managing your bank or building society accounts, paying bills, collecting your pension or benefits and, if necessary, selling your home. Giving someone power of attorney - Social care and support guide - NHS .nhs.uk https://.nhs.uk › making-decisions-for-someone-else .nhs.uk https://.nhs.uk › making-decisions-for-someone-else

For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more—or add powers, Berkley says.

A power of attorney is a legal document that allows someone else to act on your behalf. A power of attorney can be helpful to older people and others who want to choose a trusted person to act on their behalf when they cannot.

The durable power of attorney In other words, you'd use a durable POA if you wanted to give your agent authority once you're unable to act for yourself. Because of this, many consider a durable POA to be the most powerful type of power of attorney.