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Finance Dictionary and Glossary of Investment Terms
Power of attorney
Definition 1.
A written authorization allowing a person to perform certain acts on behalf of another, such as moving of assets between accounts or trading for a person's benefit.
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Definition 2.
A legal document that enables an individual to designate another person, called the attorney in fact, to act on his/her behalf as long as the individual does not become disabled or incapacitated.
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Definition 3.
A document authorized by a person, called the principal, that grants legal authority to another person, the agent, to act on behalf of the principal. A power of attorney could authorize the agent to write checks, sell property, file tax returns, etc. Under a “durable” power of attorney, the principal authorizes the agent to make decisions (including health care decisions) on his or her behalf in the event the principal is incapacitated.
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Definition 4.
Giving someone the ability to act on your behalf in specific instances.
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