Final answer:
A Power of Attorney (Form VAD-70) authorizes an agent to make decisions and act on behalf of a principal who is unable to manage their own affairs. This form confers either broad or limited authority and can be durable, remaining valid through incapacitation.
Step-by-step explanation:
A Power of Attorney (Form VAD-70) is a legal document that is used to grant a person the authority to make decisions and act on behalf of another person, often referred to as the principal. The use of this form may vary depending on the jurisdiction, but it is typically used in circumstances where the principal is unable to manage their own affairs due to reasons such as absence, illness, or incapacitation. The person granted this authority is known as the agent or attorney-in-fact.
It is important to understand that the scope of the Power of Attorney can be broad or limited, depending on the principal's needs. For instance, a general Power of Attorney provides wide-ranging powers to the agent, while a special or limited Power of Attorney restricts the agent's authority to specific tasks or situations. In some cases, a Power of Attorney may be durable, meaning it remains in effect even if the principal becomes incapacitated.