An individual power of attorney gives an attorney legal authority to manage a person’s assets and financial affairs.
A company power of attorney authorizes a person or persons to act on behalf of a company and/or sign certain documents on its behalf.
When granting a company power of attorney, it could be:-
- Limited power, for routine transactions
- For specific purposes
- General powers
And, be aware the director will remain liable for an attorney’s actions. The company may want to consider appointing two persons to act jointly as attorney.
A complete estate plan for a family should consider a power of attorney for all companies in the group, in addition to the personal and financial affairs of the individuals involved.