Incapacity Planning and Powers of Attorney from Barry D Horowitz The person creating the power of attorney is called the principal or grantor. The representative that is named is called the agent or attorney-in-fact. To create a power of attorney, you must be an adult who is of sound mind. The agent or attorney-in-fact must [ ] The post Incapacity Planning and Powers of Attorney appeared first on Nirenstein, Horowitz & Associates P.C..
Sometimes an individual wants to empower another person to act on his or her behalf in a legally binding manner. There are various different reasons why this dynamic may be in place, and the situation can be addressed through the creation of a legally binding document called a power of attorney. To provide a simple overview, the person who is granting this power to another is called the principal or the grantor. The individual who is going to be empowered to make decisions on behalf of the grantor is called the agent or attorney-in-fact. Don t be thrown by the term attorney-in-fact. The person who is going to act as the grantor s representative does not have to be a lawyer. Any adult of sound mind who is willing to act as the agent can do so. There are different types of powers of attorney. A general power of attorney could be used to give the agent broad latitude. The agent would have sweeping power to enter into most types of legally binding agreements on behalf of grantor. This is