GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

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Power of Attorney


Synonyms:letter of attorney, living will
Acronyms &
abbreviations:
PA, POA
Filed Under: financial-banking, legal-contracts
Tags: document, legal
 

Definition of power of attorney (PA, POA)

power of attorney (PA, POA)
1. 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.

Related Terms and Acronyms:

  • activities of daily living (ADL)   Physical activities an average individual is capable of doing on a normal day.
  • bankruptcy trustee   A private individual or corporation appointed to undertake bankruptcy proceedings for a individual or corporation.
  • disability insurance (DI)   Insurance that covers individuals who develop a condition that hinders their ability to work.
  • estate   The ownership interest of an individual in real property.
  • estate planning   The process of determining how assets will be dispersed after an individual's death, ideally in the most tax-efficient way possible.
  • executor   The person who manages the estate of a deceased individual.
  • sprinkling provision   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   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   A document that states what must be done with a person's estate after his or her death.
  • witness   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.

More Related Terms and Acronyms

  • disabilityDefinition
  • durable power of attorney (DPA, DPOA) — Acronym
  • enduring power of attorney (EPA) — Acronym
  • probateDefinition
  • special power of attorney (SPA, SPOA) — Acronym

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