Exercise Extreme Caution when using many of our free forms - or any legal material. While they may provide general ideas on format & content, validity requirements can and do vary greatly from state to state. Many MUST be Properly Modified for your own location and circumstances. (Hint: If in doubt it's usually safer to include unneeded clauses than to leave out necessary ones. . . . but it's even safer to consult a competent source or use current, state specific ones like ours mentioned below.) Also, we urge people (and lawyers too) to read our Relying On Legal Info FAQ.
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.
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