statutory power of attorney

A statutory power of attorney is a legal document that allows you (the principal) to authorize someone else (the agent or attorney-in-fact) to act on your behalf in financial, legal, or other specified matters. Created under state laws, it provides a formal framework for granting this authority, which can be limited or broad and may become effective immediately or upon your incapacity. It helps ensure your affairs are managed according to your wishes if you're unable to handle them yourself, and it ceases once you revoke it or it expires.