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In a statutory power of attorney, the language granting power with respect to estate, trust, and other. beneficiary transactions empowers the agent to act for the principal in all matters that affect a trust, probate estate, guardianship, conservatorship, escrow, custodianship, or other fund from which the.
A power of attorney is a legal document that allows one person to act for another person, but the authority comes with duties and responsibilities. The giver of the authority is known as the principal, while the receiver is referred to as an agent. The agent has both a legal duty to the principal and the duties granted by the power of attorney document. Once a principal selects an agent, she completes a legal power of attorney document. The document names the principal, the agent and all powers the agent receives. Any specific limits placed on the agent's power are listed on the document, as well as any alternate agents -- used if the first agent is unable to act -- and sometimes a termination date.