Letter or Power of Attorney:
A letter or power of attorney refers to a legal document that grants an individual or entity the authority to act on behalf of another person or entity in various matters. It provides written authorization, explicitly outlining the powers and limitations of the appointed person, known as the attorney-in-fact or agent, to represent the interests of the principal.
This legal instrument is commonly utilized when the principal is unable to attend to certain affairs due to physical absence, incapacitation, or personal preference for delegation. The letter or power of attorney covers a broad spectrum of areas, such as financial, legal, healthcare, or business matters. Depending on the specific requirements and wishes of the principal, the agent may be granted a limited or general power of attorney.
In a limited power of attorney, the agent is authorized to carry out specific tasks or make decisions only in a particular area or for a specified period. Conversely, a general power of attorney grants the agent broader authority to act on behalf of the principal across a wide range of matters. It is important to note that a power of attorney is revocable and can be canceled or modified by the principal at any time, unless specified otherwise in the document.
To ensure the validity and enforceability of a letter or power of attorney, it must comply with the legal requirements of the jurisdiction in which it is executed. These requirements may include proper formatting, signatures, witnesses, and notarization. Moreover, third parties, such as banks, medical professionals, or government agencies, often require a copy of the power of attorney to acknowledge the agent's authority and facilitate transactions or decision-making processes.
