Power of Attorney / Attorney-in-FactA Power-of-attorney - refers only to powers over finances. This is a legal document signed by a competent adult (the principal) authorizing another (the attorney-in-fact) to act on behalf of the principal. An attorney should be involved in the development and execution of such a document. If you wish to make a durable POA the document will continue to be in effect even if you become incapacitated. A POA assumes full responsibility for assisting individuals in managing their financial affairs, income, payments and asset management.
You, the principal, can still continue to make financial decisions for yourself as long as you have the legal capacity to do so.
A POA can be revoked at any time. You should inform your attorney-in-fact in writing that you are revoking the POA and request they return all copies of your POA. A lawyer should be consulted when revoking a POA and to have a new POA executed.
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