legalguidenews

A power of attorney (POA) is a legal document that allows one person to act on behalf of another person in legal, financial, and medical matters. It is typically used when someone is unable to handle their own affairs due to illness, disability, or other circumstances. One question that often arises when discussing a power of attorney is whether the person holding the POA is authorised to borrow money on behalf of the person they represent. In this blog post, we will explore this topic in depth and discuss the factors that determine whether a POA can borrow money. Understanding the Basics of a Power of Attorney Before we dive into the question of whether a POA can borrow money, it is important to understand the basics of what a POA is and what it allows the holder to do. A POA is a legal document that grants one person (the agent) the authority to act on behalf of another person (the principal) in legal, financial, and medical matters. This authority can be limited or broad, depending