What Is Power of Attorney for a Property?

by Contributing Writer

Overview

The power of attorney for property can be defined as the legal delegation of decision-making authority to an agent concerning financial affairs and the management of property, according to the State of Illinois.
Document

The power-of-attorney document allows the "principal" to delegate power to make decisions to the agent. These decisions encompass assets, finances and bank accounts.

Advantages

A power of attorney for property helps you know in advance who will take care of your finances if you are unable to do so. This way, your family does not have to decide for you.
Execution

To execute a power of attorney for property, the person must be at least 18, and the document must be signed, witnessed and notarized.
Designation

The person whom you designate power of attorney for property should be someone with whom you are close and whom you can trust with your financial affairs.
Responsibilities

The responsibilities for your agent are those to which he is assigned by you in the legal document. He also will be liable for any negligence tied to his assigned responsibilities.