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A power of attorney refers to an agreement between two individuals that allows one individual to act on the other's behalf. For example, you might want a power of attorney if you are out of the country and unable to carry out a business transaction yourself, or if your abilities are limited by a medical condition.

If you do not have a Financial Power of Attorney no one has default authority to handle financial matters on your behalf, including a spouse. Without a valid financial power of attorney in effect at time of need, a Court may need to appoint a Conservator over your assets.

A general power of attorney allows the agent to act on behalf of the principal in any matters, as allowed by state laws. The agent under such an agreement may be authorized to handle bank accounts, sign checks, sell property, manage assets, and file taxes for the principal.

A power of attorney will grant the spouse the authority to make decisions in the event the other spouse is unable to.In the event your spouse does not have a power of attorney, the process to have the necessary authority is long, expensive and arduous.

The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following: General power of attorney. Limited power of attorney. Durable power of attorney.

Meaning of power of attorney in Englisha legal document that gives someone the right to make financial or business decisions for someone else: A durable power of attorney enables a person to handle your finances if you become incapacitated.

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.