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Download general power of attorney form in Microsoft Word format. For official document, please consult to your attorney first.
General Power of Attorney Explained
Are you interested in drafting a power of attorney document—one that would authorize another person to act on your behalf should it become necessary? If so, the following information may be able to help. In this article we will briefly define what “power of attorney” actually means and we will also provide you with a general outline of the classification of power of attorney better known as general power of attorney.
What is Power of Attorney?
The term power of attorney is one you have probably heard in the past, but what does the term actually mean? Believe it or not, it’s not as complicated as you might think. Simply put, a power of attorney is a document which allows you to designate or appoint either a person or an organization to act on your behalf in the event you are unable to handle your affairs yourself. As the person who is giving over power of attorney, you would be known as the “principal,” while the person assuming these responsibilities is known as an “agent” or “attorney in fact.” There are a few different classifications of power of attorney, including special power of attorney and medical power of attorney, but for the purpose of this article we will look at the most common classification, appropriately named the general power of attorney.
General Power of Attorney
A general power of attorney is a document that authorizes your agent or attorney-in-fact to act on your behalf in a number of different situations. This type of power of attorney is very broad in its scope, providing extensive and far-reaching responsibility to the agent you have appointed. Some of these duties and responsibilities may include:
- Taking care of your banking transactions
- Legally accessing your safety deposit boxes and other trusted sites
- Purchasing life insurance or other types of insurance on your behalf
- Buying and selling real and personal property
- Handling your stocks, bonds, commodities and securities
- Settling legal and medical claims
- Entering into contracts on your behalf
- Managing, buying and selling of real estate on your behalf
- Applying for government benefits
- Filing tax returns
As the principal who is handing over these responsibilities in a general power of attorney, you may also choose to grant your agent additional powers not normally covered by the standard document. Some of these include:
- Managing and maintaining any of your business interests
- Hiring professional assistance such as attorneys and accountants
- Making charitable gifts
- Estate planning
- Setting up living trusts
- And more...
The main purpose of the general power of attorney is to ensure that your affairs are handled if you are unable to do so. Some of the reasons why you might need a power of attorney include, if you are going to be out of the country for a time or you become physically or mentally unable to see to your affairs yourself.