A POA, also known as, Power of Attorney, is a legal authorization that gives a designated person, termed the agent or attorney-in-fact, the power to act for another person, known as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments, or medical care.
These documents are completed from an attorney’s office or at state level to confirm the POA for the principal. Once the principal is deceased, the POA is null and void, allowing the rights that were, no longer valid.
*This definition is defined by Welch State Bank’s policies and procedures for POD(s) associated with our account types.