What exactly is a ‘Power of Attorney’? Wikipedia defines one as:
“A written authorisation to represent or act on another’s behalf in private affairs, business, or some other legal matter. The person authorising the other to act is the principal, grantor, or donor (of the power), and the one authorised to act is the agent, donee, or attorney or, in some common law jurisdictions, the attorney-in-fact.”
The two usual forms of POAs are the General Power of Attorney (GPA) and the Special Power of Attorney (SPA). As their names suggest, a GPA allows for broader and more durable authority, while an SPA is one which is limited in scope and duration.
The law requires both Principal and Agent to be legally capacitated, and able to either give or execute the powers enumerated in the POA. It must also conform with all other formal and substantial requisites of law for it be considered valid and enforceable, among which is the notarization of the instrument after it is signed by both parties.