DEFINITION of 'Power of Attorney of Property'
A legal document transferring the legal right to the attorney or agent to manage and access the principal's property in the event the principal is unable to do so themselves.
BREAKING DOWN 'Power of Attorney of Property'
The power of attorney of property usually includes all assets held by the principal, such as real estate, bank accounts and stocks. The terms of the contract, including what can and cannot be managed, are determined at the time the contract is established.