Power of Attorney and Co-Ownership: How They Connect & What You Need to Know

It depends on your needs. Co-Ownership gives legal ownership rights, while Power of Attorney only gives the right to act on someone’s behalf. If you want to share property legally, go for Co-Ownership. If you need someone to manage things temporarily, POA is more appropriate.

Absolutely. In fact, it's common. If you trust the co-owner and want them to manage your share, maybe due to travel, health, or personal reasons, you can give them a POA to act on your behalf.

Not necessarily. In Tenancy in Common, co-owners can hold unequal shares, like 60-40 or 70-30. Only Joint Tenancy usually implies equal ownership with survivorship rights.

Yes, if not drafted carefully. That’s why it’s crucial to clearly define the agent’s powers, register the POA, and consult a legal expert before signing. A well-written POA protects your rights while allowing someone else to act for you.