There are times when someone may find it necessary to have another personlook after their basic financial transactions, such as banking or buying groceries. A power of attorney is a document in which the grantor (the person who requires the attorney) appoints the attorney to act on his or her behalf when it comes to personal or financial affairs. Income and assets remain the ownership of the grantor.
Powers of attorney are not just used by elderly people. Powers of attorney may also be used by others when they require assistance with their financial affairs. For example, an attorney may be appointed to assist with financial transaction while someone is on a lengthy vacation. A power of attorney may be general, covering all of the grantor's personal affairs, or specific, limiting authority to a specific purpose, such as the sale of property on the grantor's behalf.