Video: Power of Attorney

In this lesson, Nick Palazzolo, CPA, unravels the intricacies of Power of Attorney, a pivotal legal instrument in both personal and business spheres. Delving into the essentials, Nick illustrates the difference between limited and general Power of Attorney, underscoring the extent of authority that can be vested in an agent at the behest of the principal. Throughout the lesson, the focus is on understanding the required legal documentation, the responsibilities and limitations of both the principal and agent, and how an agent's actions reflect upon the principal. Nick ensures clarity by using relatable scenarios—like an elderly person delegating financial authority to an adult child—and addressing common misconceptions, such as the responsibilities regarding debts incurred by the agent. By taking a close look at fiduciary duty, revocation processes, and the implications of a durable Power of Attorney, the lesson simplifies complex legal terms into more digestible, real-world examples.