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.
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).
A Power of Attorney form allows you to appoint another person to act on your behalf should you ever require someone to make short- or long-term decisions for you. On a Power of Attorney form, the person granting authority to another is the Principal. The person who is granted authority is called the Attorney-in-fact or Agent.
A Financial Power of Attorney allows you to name your business or personal agent, someone who will make decisions or take actions on your behalf if you cannot. Your business or personal agent will make sure that your wishes are communicated to and taken into account by other parties. If you are out of the country when you are closing a business deal, paying a professional to manage your assets, keeping a personal assistant to do all of your banking and errands, or allowing your child to travel with a family friend, you can grant an agent power of attorney to sign documents on your behalf and/or make decisions for you.
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