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 Special or Limited POA gives an Agent the power to act on your behalf, but only specific powers. You can create several Special POAs, with different agents granted different powers. Here is a list of some of the specific powers you can grant to your Agent:.
- Sign checks.
- Withdraw money.
- Make a gift.
- Create, amend, revoke, or terminate an inter vivos trust.
- Create or change rights of survivorship.
- Create or change a beneficiary designation.
- Authorize another person to exercise authority granted by the power of attorney.
- Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan.
- Exercise fiduciary powers that the principal has authority to delegate.
A Power of Attorney can be used for any adult individuals, but it needs to be notarized in order to be effective. Within these documents, the principal outlines exactly which powers they would like the agent to have. A principal can also appoint a secondary agent, should their agent be unable or unwilling to perform.
This document can be used if someone is looking to appoint an agent to make financial decisions for them right now, or if someone would like to set up a document that is ready to go in case of incapacity. In this document, the principal or their representative will be able to enter pertinent identifying details about the parties. The person filling out the document will also be asked a series of questions to define exactly what types of authority the principal wants to give the agent.