What Is The General Power Of Attorney

The principal may allow the agent to handle any type of monetary or financial related decision legally allowed by law.

What is the general power of attorney. Wills and trusts are usually the first things that come to mind as an individual considers their estate plan or potential estate plan but the importance of having thorough and detailed power attorney documents cannot be overstated. A general durable power of attorney is a key part of estate planning. A general durable power of attorney both authorizes someone to act in a wide range of legal and business matters and remains in effect even if you are incapacitated. In this article we ll discuss what a power of attorney is the difference between a special and a general power of attorney and whether you can make either power of attorney durable.

A general power of attorney allows a principal to elect a legal representative known as an agent or attorney in fact to handle their financial decisions on their behalf while alive and competent. A general power of attorney gives broad powers to a person or organization known as an agent or attorney in fact to act on your behalf. The poa can take effect immediately or can become effective only if you are incapacitated. A power of attorney poa or letter of attorney is a written authorization to represent or act on another s behalf in private affairs business or some other legal matter.

But it isn t suitable for a variety of important end of life decisions because of its lack of durability under duress. A general power of attorney becomes void if and when the principal either becomes incapacitated dies or if there is a date or event listed in the power of attorney that says so otherwise. A general power of attorney ends the moment you become incapacitated. Adobe pdf microsoft word docx open document text odt.

A general power of attorney is a legal document whereby one person called the principal gives another person called the agent or attorney in fact the power to manage the principal s assets and financial affairs while the principal is alive. How to write a general power of attorney. The person authorizing the other to act is the principal grantor or donor of the power. Not all powers of attorney are the same.

Power can be given to the agent to do any and all acts the principal can perform. The one authorized to act is the agent attorney or in some common law jurisdictions the attorney in fact.