Definition: A type of estate planning document that allows you appoint someone to act on your behalf to manage your finances.
A Power of Attorney can be "durable," meaning that it goes into effect immediately and continues to be legally binding if you become mentally incapacitated; or a Power of Attorney can be "springing," meaning that it does not go into effect until you are declared to be mentally incapacitated.
The person or entity named to act on your behalf in a Power of Attorney is called your "Attorney in Fact" or your "Agent."
Also Known As: Durable Power of Attorney, Financial Power of Attorney, Springing Power of Attorney
