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.

RELATED TERMS
  1. Financial Power Of Attorney

    A financial power of attorney grants a trusted agent the authority ...
  2. Attorney In Fact

    A person who is authorized to perform business-related transactions ...
  3. Power of Attorney

    A legal document giving one person the power to act for another ...
  4. Principal

    Most often the amount borrowed on a loan, or put into an investment, ...
  5. Principal Reduction

    A decrease in the principal owing on a loan, typically a mortgage, ...
  6. Agency Theory

    A supposition that explains the relationship between principals ...
Related Articles
  1. Managing Wealth

    Why Designate a General Power of Attorney?

    Because it will ensure your financial and personal affairs are handled according to your wishes should you ever be incapacitated or unavailable.
  2. Managing Wealth

    Got a Financial Windfall? Hire the Right Attorney

    Selecting the right attorney will help you protect your assets when you receive a sudden windfall.
  3. Investing

    Picking the Best Real Estate Attorney for Your Next Purchase

    Learn about the process of picking the best real estate attorney for a given situation and the different resources that can be used.
  4. Insurance

    Is Personal Legal Insurance A Good Deal?

    Some employers offer personal legal insurance as an opt-in benefit. Would it make sense for you?
  5. Managing Wealth

    Why Keep Medical & Financial Powers of Attorney Separate?

    Representing your interests in financial matters is a very different job from communicating and advocating for your wishes with doctors.
  6. Managing Wealth

    Agency Theory

    An agency relationship exists when one person -- called a principal -- hires another person -- the agent -- to act on his behalf. Agency theory is concerned with resolving problems that develop ...
  7. Retirement

    Make It Legal When You Retire

    If you haven’t done your estate planning, named a power of attorney and considered your legacy, you still have some pre-retirement tasks to address.
  8. Retirement

    Power Of Attorney Form

    Be sure that any
  9. Investing

    Why You Don't Need A Real Estate Agent

    While there are times when a real estate agent earns the commission, there are other times when you can do it yourself.
  10. Financial Advisor

    How To Pick The Right Lawyer

    Find out what factors to consider before hiring an attorney.
RELATED FAQS
  1. What are the responsibilities of the principal in a company?

    Learn to differentiate between some of the many definitions and responsibilities of a "principal" as it relates to business ... Read Answer >>
  2. What do real estate attorneys do?

    Understand the role of a real estate attorney to help you decide if you would benefit from the expertise of this type of ... Read Answer >>
Trading Center