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General Power of Attorney Form: For Granting Extensive Power
Do you need a power of attorney form that is all-encompassing, one granting several different permissions to the person of your choosing? If so, you will probably want to obtain a general power of attorney form. Power of attorney can take many different forms. Some of these are quite limited, granting only certain permissions to the agent, such as the ability to handle financial transactions or make medical decisions. But if you need someone who will be legally permitted to handle all of your affairs, the general power of attorney is definitely the way to go. In this article we will briefly define “general power of attorney,” and list a few of the topics/language that should always be included on a general power of attorney form.
What is General Power of Attorney?
A general power of attorney is a document in which a person grants extensive powers and permissions to another. There are several reasons why you might want to grant power of attorney to another, for instance, if you’re planning to be out of the country and you need someone to handle ALL of your affairs, but the most popular reason is illness or advancing age.
As people get older, or if a person becomes ill, it may become difficult to handle affairs such as banking, paying the bills, buying or selling real estate or calculating taxes. However, these affairs still need to be handled, which is where a general power of attorney comes into play. This person, called the agent, should be someone you trust implicitly to handle your affairs, someone who is competent and will act in your best interests.
Some of the responsibilities that may be granted to an agent include:
- Banking
- Paying Bills
- Buying/Selling of Real Estate
- Making medical decisions
- Preparing Taxes
- And much more…
Any legal transaction that would usually be handled by the principal can be conducted by the agent, as long as that activity was not specifically precluded on the general power of attorney form.
General Power of Attorney Form: What Information Should Appear?
- Principal Information. Principal or granter’s name, address and social security number
- Agent Information. Agent or attorney-in-fact’s name, address and social security number
- Permissions granted. This will typically include medical decisions, as well as financial and property permissions relinquished to the agent
- Indemnity Clause. This clause, which is meant to lessen the burden of the agent, should state that the agent will be held harmless if he/she commits an error that was in good faith.
- Right to records. The agent will need to provide accurate records to the principal for as long as he/she deems necessary or until the principal becomes completely incapacitated as confirmed by a doctor.
- Compensation. Compensation for an agent, especially when that agent is a friend or relative, is rare, but if compensation is offered it must be stated on the general power of attorney form.
- Signatures. The signature of the principal and agent, along with the date the agreement was executed, should appear at the bottom of the document.
Any power of attorney agreement, whether that agreement is limited or extensive in nature, must be written out on a general power of attorney form and signed by each of the parties before it officially goes into effect.