General Power of Attorney

Power of Attorney

A wide range of powers are granted to an Attorney-In-Fact (or simply, Agent) in a General Power of Attorney contract. These are typically granted and exercised in the following situations:

Settling legal claims
Exercising stock rights
Handling any transactions involving US or foreign securities
Buying, managing or selling real estate property
Buying or selling any kind of property
Handling banking transactions
Accessing safety deposit boxes
Handling matters related to government benefits
Purchasing life insurance
Purchasing any kind of insurance
Filing tax returns
Entering into contracts

Through a General Power of Attorney, an Agent may also be granted the power to employ professional assistance, generally maintain and operate business interests, make gifts, disclaim interests (for example, in estate planning for tax avoidance), and make transfers to living/revocable trusts.

A General Power of Attorney gives another person the legal authority to act on your behalf in the event that you are unable to do so, whether due to extended absence, injury, serious illness or advanced age. Estate planning frequently utilizes this document, to provide for the eventuality of the holder being unable to conduct his own financial and legal affairs.