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What is the significance of Power of Attorney?

"A power of attorney is a document by which you appoint someone to make decisions on your behalf. The person appointed in a Power of Attorney is often referred to as an “Agent” or an “Attorney-in-Fact.” There are generally two types of powers of attorney: Medical Power of Attorney A medical power of attorney names agents to make healthcare and medical decisions on your behalf. In some regions, the medical power of attorney may be a part of a living will or health care directive. Financial Power of Attorney A financial power of attorney names agents to handle financial and business decisions on your behalf. Financial powers of attorney may be broad and apply to nearly any non-medical decision."

Updated on 01 Apr 2024