Outlook Money
A power of attorney is a legal arrangement that grants the POA decision-making powers on behalf of another person they represent.
The power of attorney holds significant powers, but their decisions can be revoked and challenged.
The attorney is usually someone close to the principal, like a friend, who can execute the principal’s wishes and take tough decisions.
A POA can be revoked through courts with a notarized revocation letter with the principal's signature.
A conventional POA makes financial decisions during the principal's absence, such as travelling abroad or facing a health issue.
A durable POA is an arrangement where the attorney can only be revoked after the principal’s death. POA will have the authority even in the principal's incapacitation.
This type of POA can be made only when the principal has a medical condition and works and lives in dangerous situations.
This arrangement is strictly for medical decisions. The attorney can only represent the principal’s wishes on medical matters, such as choice of treatment or life care.
Compiled By Himani Verma