The document also automatically terminates when:
- The Principal dies.
- The Principal becomes incapacitated (if non-durable).
- The Agent dies or is declared legally incompetent and there is no successor named.
If you do decide to void a Power of Attorney, you should notify any banks, businesses, or other institutions that might be affected.
Most states will recognize any POA that is validly signed in another state. So if you make a valid document while living in one state and then move to another state, your document will still be valid in your new state of residence. However, it may be a good opportunity to update your document and prevent it from being “stale”.
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.
A Springing or Conditional POA only goes into effect if a certain event or condition occurs. It can end at a specific time, when you become incapacitated or when you die.