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The person who is signing or creating the power of attorney is called the principal, while the person who would be awarded with authority is called the attorney-in-fact or the agent. Since the power of attorney would provide the agent the control over banking, credit and other financial issues, it is important to be made carefully which is why legal assistance is importance.
There are two kinds of power of attorney, the specific and the general. The specific power of attorney identifies particular transaction when the document would take effect. While, the general power of attorney could cover different personal and business transactions.
When choosing the person who would best represent the interest of the principal, it is important to consider several factors.
Choosing The Best Agent For Your Power Of Attorney by Harrison Barnes
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