Power of Attorney

A power of attorney is a document that allows you to appoint a person or organization to handle your affairs while you're unavailable or unable to do so. The person or organization you appoint is referred to as an "Attorney-in-Fact" or "Agent."

General Power of Attorney - authorizes your Agent to act on your behalf in a variety of different situations.

Special Power of Attorney - authorizes your Agent to act on your behalf in specific situations only.

Health Care Power of Attorney - allows you to appoint someone to make health care decisions for you if you're incapacitated.

"Durable" Power of Attorney -The general, special and health care powers of attorney can all be made "durable" by adding certain text to the document. This means that the document will remain in effect or take effect if you become mentally incompetent.

Revocation of Power of Attorney - allows you to revoke a power of attorney document.
General Power of Attorney

A general power of attorney is very broad and provides extensive powers to the person or organization you appoint as your agent. These powers usually include:

    Handling banking transactions
    Entering safety deposit boxes
    Handling transactions involving U.S. securities
    Buying and selling property
    Purchasing life insurance
    Settling claims
    Entering into contracts
    Exercising stock rights
    Buying, managing or selling real estate
    Filing tax returns
    Handling matters related to government benefits

You also have the option to grant the following additional powers to your Agent:

    Maintaining and operating business interests
    Employing professional assistance
    Making gifts
    Making transfers to revocable ("living") trusts
    Disclaiming interests (this has to do with estate planning strategies to avoid estate taxes)

A general power of attorney is usually used to allow your agent to handle all of your affairs during a period of time when you are unable to do so. For example, when you are traveling out of the state or country or when you are physically or mentally unable to handle your affairs. A general power of attorney is frequently included as part of an estate plan to make sure that you have covered the possibility that you might need someone to handle your financial affairs if you are unable to do so.