What is a power of attorney?

A power of attorney is a document that allows someone (the principal) to appoint another person (the attorney-in-fact) to make decisions or take certain legal action on their behalf. In Indiana, a power of attorney can be a financial power of attorney, a medical power of attorney, or a general power of attorney. A financial power of attorney allows the attorney-in-fact to handle the principal’s financial matters, such as signing legal documents, managing bank accounts, or paying bills. A medical power of attorney allows the attorney-in-fact to make medical decisions on behalf of the principal if they are unable to do so. Finally, a general power of attorney authorizes the attorney-in-fact to take any other legal action on behalf of the principal. Generally speaking, powers of attorney are very limited in the scope of their authority. The principal can specify exactly what authority they are giving the attorney-in-fact in the document itself, so they have full control over the decisions the attorney-in-fact is allowed to make. The attorney-in-fact must act within the limits of the document and in the best interests of the principal. In Indiana, these documents must be signed in front of two witnesses and a notary public to be considered legally binding. Other state laws may differ, so be sure to check the laws of your state before entering into such an agreement.

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