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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:
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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General Power of Attorney