What Is A General Power Of Attorney Good For

A general power of attorney gives broad authorizations to the agent.

What is a general power of attorney good for. A power of attorney can be a powerful document. It s designed to provide an agent with broad powers that don t require you to predict every possible legal scenario in advance. General powers of attorney cover a wide range of transactions while limited powers of attorney cover only specific situations such as authorizing a car dealer to register your new vehicle for you. A general power of attorney grants wide legal authority to act on a person s behalf including filing tax returns paying bills borrowing money and so on.

A general power of attorney gives broad guidelines to the agent holding the power to make decisions on the principle s behalf. A power of attorney allows someone else to handle your legal financial or medical matters. In short a general durable power of attorney is about your ability to have your property legal affairs business dealings and financial matters handled effectively conveniently and quickly in the event of difficult or unforeseen personal circumstances. General power of attorney is an effective tool if you will be out of the country and need someone to handle certain matters or when you are physically or mentally incapable of managing your affairs.

People tend to focus their energies on their wills and trusts naming someone to serve as their power. A financial power of attorney is a power of attorney you prepare that gives someone the authority to handle financial transactions on your behalf. Some financial powers of attorney are very simple and used for single transactions such as closing a real estate deal. A special power of attorney narrows what choices the agent can make.

A general power of attorney is often included in an estate plan to make sure someone can handle financial matters. You can even make several different poas with different agents for each. There are two types of powers of attorney. The agent may be able to make medical decisions legal choices or financial or business decisions.

Yet it is often overlooked in estate planning. A general power of attorney which covers all activities and b special power of attorney which grants powers limited to specific matters such as selling a particular piece of real estate handling some bank accounts or executing a limited partnership agreement.