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.