A “Power of Attorney” is a legal document that grants another individual legal authority to act on behalf of the person who commissions and signs the document.
You can have a Limited Power of Attorney which grants the specified agent the ability to perform a certain number of tightly defined tasks and a General Power of Attorney which covers a variety of tasks not specifically mentioned within the scope of the document. There are some few legal restrictions that would need to be included in the document however, in cases like the “gifting” of assets.
It should be noted that an agent specified by a Power of Attorney can only manage assets while the subject is still alive. Managing assets after death would require a Trustee.
Because granting a Power of Attorney is an extraordinary and powerful recourse, it is important that much thought go into creating such a document that is specifically tailored to the client’s needs., and it is recommended that you consult with a professional like a Certified Legal Document Preparer to make sure that all eventualities are accounted for.