A Quick And Easy Guide To General Power Of Attorney

What is a General Power of Attorney?

A General Power of Attorney (GPA) is a legal document that grants someone else the authority to act on your behalf. This person, known as your “agent,” can make decisions about your finances, property, and other affairs. It’s particularly useful when you’re unable to handle your own affairs, such as due to illness, injury, or travel.

Why You Might Need a General Power of Attorney

There are several reasons why you might need a GPA:

Illness or Injury: If you become incapacitated due to illness or injury, your agent can manage your affairs while you recover.

Travel: If you’re going on a long trip or living abroad, a GPA can ensure that your affairs are taken care of back home.

Incapacity: If you become mentally incapacitated, a GPA can appoint someone to make decisions on your behalf.

Estate Planning: A GPA can be a valuable part of your estate planning strategy.

Image Source: rocketlawyer.com

Key Elements of a General Power of Attorney

A typical GPA includes the following elements:

Grantor: This is the person who is granting the power of attorney.

Agent: This is the person who is being granted the power of attorney.

Scope of Authority: This outlines the specific powers granted to the agent, such as managing finances, buying and selling property, and making medical decisions.

Duration: This specifies how long the power of attorney will be in effect.

Successor Agent: This designates a backup agent in case the primary agent becomes unable to act.

Example of a General Power of Attorney

While the specific wording of a GPA will vary depending on your jurisdiction, here’s a general example of what it might look like:

Grantor: [Your Name]

Agent: [Agent’s Name]

Grant of Authority: Grantor hereby grants Agent full power and authority to act on Grantor’s behalf in all matters, including but not limited to:

Managing Grantor’s finances, including paying bills, collecting income, and investing funds.

Buying, selling, or renting real estate.

Making medical decisions on Grantor’s behalf.

Signing legal documents.

Duration: This power of attorney shall remain in effect until [Date] or until Grantor revokes it in writing.

Successor Agent: In the event that Agent is unable or unwilling to act, [Successor Agent’s Name] is hereby appointed as successor agent.

Conclusion

A General Power of Attorney is a valuable tool for planning for future contingencies. By appointing a trusted agent, you can ensure that your affairs are handled properly in case you are unable to do so yourself. It’s important to consult with an attorney to ensure that your GPA is properly drafted and meets your specific needs.

FAQs

1. Can I revoke my General Power of Attorney? Yes, you can revoke your GPA at any time in writing.
2. What is the difference between a General Power of Attorney and a Durable Power of Attorney? A Durable Power of Attorney remains in effect even if you become incapacitated.
3. Can my agent use my General Power of Attorney for their own benefit? No, your agent is only authorized to act in your best interests.
4. Do I need to notarize my General Power of Attorney? The requirements for notarization vary by state. It’s best to consult with an attorney to determine the specific requirements in your jurisdiction.
5. Can I limit the scope of my General Power of Attorney? Yes, you can limit the scope of your GPA to specific powers, such as managing your finances or making medical decisions.

General Power Of Attorney Example