Web Page Builder

What is a General Power of Attorney?

Unlimited Plus Catalog - Podcasts, Audiobooks & more

You can listen to thousands of titles all you want, whenever you want.

Stream or download to listen offline!

Free 30-day trial.

General power of attorney would include accessing safe deposit boxes, setting up trusts, transferring assets to trust funds, filing tax returns, entering contracts, representing the principal (signor of the document) and buying and selling property. This type of power of attorney would be valid unless specified by the document, the principal dies or revokes the document, or the document specifies that it would end upon the event when the principal gets incapacitated or disabled. Over the Internet, you can find websites that specialize in legal forms. These sites may allow you to download their power-of-attorney forms. 2. Decide which type of POA you need. Your general options are the general and limited powers of attorney. The first type grants an attorney-in-fact an unlimited control over your finances or health care without a predetermined period. It is defined as the full legal authority given to another individual to be responsible for all your finance-related affairs, including filing income tax returns and paying the bills. The agent can even sign documents on behalf of the principal. This agent is allowed to handle all the principal s finances except the assets owned by the revocable living trust. The special power of attorney on the other hand only gives an agent the authority to act specific matters. For instance, you can authorize an agent to sign a business contract for you but only that business contract and no other documents. Some are also given a section, for instance, a special power of attorney to look into the financial matters and to manage it and sign documents pertaining only to financials. You may opt to look for a particular POA form for your state on some websites that specialize in legal documents. If you are about to finalize your POA document, you have to consult a lawyer first. You can ask the lawyer about the form of authority that suits your needs best as a principal. 4. The parties that will receive the power-of-attorney documents Your power of attorney must be put in writing, signed by all parties involved (including the witnesses), and duly notarized. The agent must not be personally involved in any transaction where he or she is representing your interests. For example, he/she must not be a stock investor who would gain more from buying your shares in a company in an inappropriate manner or pricing. The agent should be firm in keeping accurate all records pertaining to all transactions he/she gets into on your behalf. 

All Video Categories, Tips & Products To Explore

Share This Page