A Durable Power of Attorney also becomes effective immediately upon signing, however it allows the Agent to continue acting on behalf of the Principal even when he or she becomes incapacitated. This type ends automatically when you die, but you can also rescind it, as long you are not incapacitated.
A General POA gives an Agent broad power to act on your behalf, taking any action or making any decision that would normally fall to you. Here is a list of some of the general powers you can grant to your Agent:
- Sell real property or tangible personal property.
- Buy and sell stocks and bonds.
- Handle all banking.
- Operate a business.
- Buy insurance and annuities.
- Manage estates, trusts, and other beneficiary interests.
- Handle all claims and litigation.
- Manage all personal and family affairs.
- Prepare and file taxes.
The principal will also be able to choose how they would like the Power of Attorney to go into effect - for example, if they would like it to start at a specific date and last through incapacity, if they would it only like to begin if they are incapacitated, or if they would like to have it start at a specific date but end in case they are incapacitated.
Power of attorney, also referred to as a POA, is a legal document that allows a person (principal) to choose someone else (agent or attorney-in-fact) to represent their financial, medical, tax, vehicle, parental, or any other needs selected. The document does not need an attorney to create (although it is always advised that a person seek legal counsel) and after completion, depending on the State, signatures need to be witnessed by at least two (2) people or by a notary public (preferred).
power of attorney letter
general power of attorney