Power of Attorney
- When one party authorizes another party to act on his or her behalf in business dealings. For example, someone with power of attorney can sign cheques or other legal documents for the person who gave authorization. A written document is required to prove that power of attorney has been granted.
letter of attorney, living will
Related Terms and Acronyms
- Activities of Daily Living (ADL) — Acronym, Important,
- Physical activities an average individual is capable of doing on a normal day.
- Bankruptcy Trustee — Definition,
- A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
- Disability — Definition,
- A condition that limits or completely inhibits an individual's ability to work or perform everyday tasks.
- Disability Insurance (DI) — Acronym, Important,
- Insurance that covers individuals who develop a condition that hinders their ability to work.
- Durable Power of Attorney (DPA, DPOA) — Acronym,
- Enduring Power of Attorney (EPA) — Acronym,
- Estate — Definition,
- The ownership interest of an individual in real property.
- The total sum of all the real property and personal property owned by an individual at time of death.
- Estate Planning — Definition,
- The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
- Executor — Definition,
- The person who manages the estate of a deceased individual.
- Probate — Definition,
- The process of deciding the validity of a deceased person's will and appointing an executor.
- Special Power of Attorney (SPA, SPOA) — Acronym,
- Sprinkling Provision — Definition,
- A provision that gives a trustee the authority to distribute life insurance death benefits as he or she sees fit, and to those who need the money the most.
- Survivorship — Definition,
- The right of a person to secure ownership by reason of his/her outliving someone with whom s/he shared undivided interest in the land.
- Will — Definition,
- A document that states what must be done with a person's estate after his or her death.
- Witness — Definition,
- To subscribe one's name to a deed, will or other document for the purpose of attesting its authenticity and proving its execution by testifying, if required.