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Power of attorney (POA) is a legal authorization that gives a designated person, termed the agent or attorney-in-fact, the power to act for another person, known as the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.
Some of the conditions for revocation are ( by virtue of Section 201 of the Indian Contract Act, 1872): If the principal revokes the Power of Attorney granted to the agent. If either the principal or the Power of Attorney holder or both become unsound of mind, die or is/are adjudicated as insolvent by the court.
You cannot give an attorney the power to: act in a way or make a decision that you cannot normally do yourself for example, anything outside the law. consent to a deprivation of liberty being imposed on you, without a court order.
The document must also be witnessed. It can be witnessed by a lawyer who has given you legal advice on the document. Alternatively it can be witnessed by two adults with capacity. The witnesses cannot be the attorney being appointed or a family member of either the attorney or yourself.
There are three kinds of Power of Attorney in Ontario:General Power of Attorney for Property,Continuing Power of Attorney for Property, and.Power of Attorney for Personal Care.
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.
REQUIREMENTS FOR SPECIAL POWER OF ATTORNEYMust bring two (2) witnesses of legal age (18 years old) to the Embassy to personally witness the execution of the document; Passport of the Applicant; Photocopy of the Passport of the Applicant (First and Last Page);
Section 202 of the Act states that if the agent in a principal-agent relationship has an interest in the agency then, the power of attorney cannot be revoked without the consent of the agent.
Sign your power of attorney document Unlike many states, Oregon does not require you to use witnesses or use a notary public.