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What is the other meaning of POA?

POA stands for Power of Attorney in legal contexts. It refers to a legal document granting one person the authority to act on anothers behalf. This authority can be broad or limited, depending on the requirements of the situation. In business, POA is often used as an acronym for Plan of Action.

What does POA mean for money?

For medical decisions, you can set up a health care proxy, but for financial matters, if you become incapacitated and are unable to manage your own money, your agent (the person granted power of attorney) can do things like access your bank accounts and pay your bills.

Can a POA withdraw money from a bank account?

Power of Attorney (POA) is a Powerful Legal Document Depending on the type of POA, your agent can withdraw money from your bank accounts. First, lets look at a POA with even more power than taking money out of your accounts. The healthcare POA is close to having power over life and death.

What is a POA not allowed to do?

The POA cannot transfer the responsibility to another Agent at any time. The POA cannot make any legal or financial decisions after the death of the Principal, at which point the Executor of the Estate would take over.

What is the full meaning of POA?

A power of attorney is a legal document that allows someone else to act on your behalf. A power of attorney can be helpful to older people and others who want to choose a trusted person to act on their behalf when they cannot.