Power of Attorney is a legal instrument that is used to delegate legal authority to another person (called an Agent or Attorney-in-Fact). The person who signs (or executes) a Power of Attorney is called the Principal. Power of Attorney gives the Agent authority to make property, financial and other legal decisions for the Principal. A Principal can give an Agent broad legal authority, or very limited authority.
The Power of Attorney is frequently used in the event of a Principal’s illness or disability, or in legal transactions where the Principal cannot be present to sign necessary legal documents. It can be either for all purposes (known as “General”) or for a specific purpose (known as “Special” or “Limited”).