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 powers that you can grant your attorney-in-fact include:
- Real Estate: To buy, sell, rent, or otherwise manage residential, commercial, and personal real estate.
- Business: To invest, trade, and manage any and all business transactions and decisions, as well as handle any claim or litigation matters.
- Finance: To control banking, tax, and government and retirement transactions, as well as living trust and estate decisions. Financial powers also allows your representative to control personal insurance policies and to continue donating to any charities in your stead.
- Family: To purchase gifts, employ professionals, and to buy, sell or trade any of your personal property.
- General Authority: This grants your personal attorney the authority to make any decisions that you would be able to if you were personally present.
If you take the time to create a Power of Attorney, you want to make sure that it will be effective. There are situations where your document may be rejected, or powerless if you aren’t careful. Here are a few steps you can take to help ensure your POA won’t be powerless:
- Use a state-specific form – Each state has different laws and statutes governing this document. Our state-specific forms are customized for each particular state.
- Make sure you have all signatures and authorizations – Some banks and financial institutions have specific requirements as to who needs to sign the document.
- Keep it up-to-date – If your state has rewritten its laws or your document is more than several years, it may be considered ‘stale’ and may need to be updated.
- Get it witnessed and notarized – Sign your document in front of witnesses, stating that you were competent and signed the document voluntarily. Also make sure to get your document authenticated by a notary public.
If you decide you no longer want a Power of Attorney, you can take the following active measures to terminate it, provided you are still legally competent:
- Prepare a Revocation of Power of Attorney.
- Destroy the document.
- Follow any termination procedures detailed in the document.