What Is General Power Of Attorney For Property
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A power of attorney can be categorised as either general or enduring.
What is general power of attorney for property. A general power of attorney for property is a legal document that lets your attorney manage your finances and property only while you are mentally capable. A general power of attorney is a legal document whereby one person called the principal gives another person called the agent or attorney in fact the power to manage the principal s assets and financial affairs while the principal is alive. A general power of attorney gives broad powers to a person or organization known as an agent or attorney in fact to act on your behalf. The agent would have broad decision making powers over effectively all the assets.
The person authorizing the other to act is the principal grantor or donor of the power. A power of attorney poa or letter of attorney is a written authorization to represent or act on another s behalf in private affairs business or some other legal matter. A power of attorney for property is a written document in which you give someone the power to make decisions about your property and finances if you become unable to make these decisions yourself. Similarly an agent who signs documents to buy or sell real property on your behalf must present the power of attorney to the title company.
Power of attorney is a legal document giving a person broad or limited legal authority to make decisions about the principal s property finances or medical care. For example your attorney for property could be responsible for taking care of your banking matters managing your investments running your business buying and selling real estate on your behalf. A general power of attorney of the property could encompass the entirety of the principal s holdings of value. In this article we will be talking about the general power of attorney.
In a general power of attorney the agent will have the authority to make any decisions for the principal regarding business property financial and health matters. Limited special power of attorney. Power can be given to the agent to do any and all acts the principal can perform. Similarly the agent has to present the power of attorney to a broker or banker to effect the sale of securities or opening and closing bank accounts.
These powers include handling financial and business transactions buying life insurance settling claims operating business interests making gifts and employing professional help.
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