Everything You Need To Know About General Power Of Attorney

A power of attorney (POA) is a legal document that allows a person or company to entrust another party with the authority to act on their behalf. This means that the person or company you designate has the legal power to make decisions and carry out tasks that you would normally do yourself. The most common type of POA is known as a general power of attorney, or GPE. A general power of attorney gives the designated individual or company broad powers, allowing them to make decisions and take actions on your behalf.

What is a General Power of Attorney?

A general power of attorney, or GPE, is a legal document that gives a person or company the authority to act on behalf of the principal. This means that the person or company you designate has the legal power to make decisions and take actions on your behalf. The principal is the person or company who has granted the authority to the person or company designated in the GPE. The designated individual or company is often referred to as the attorney-in-fact.

What Can a General Power of Attorney Do?

A GPE gives the attorney-in-fact broad powers to act on behalf of the principal. This includes the ability to make decisions regarding financial, legal, and medical matters. Additionally, the attorney-in-fact has the authority to negotiate, sign, and execute contracts on behalf of the principal. A GPE may also allow the attorney-in-fact to manage property, investments, and other assets on behalf of the principal.

When Should a General Power of Attorney be Used?

A GPE should be used whenever the principal is unable to make decisions or take actions on their own. This could be due to illness, disability, or simply being unavailable due to travel or other commitments. A GPE should also be used if the principal wishes to delegate responsibility to another person or company, such as a financial advisor or real estate agent.

How is a General Power of Attorney Created?

A GPE is created by the principal with the help of a lawyer. The lawyer will draft the document and ensure that it meets all legal requirements. The principal will then have to sign the document in the presence of a witness. Once the document is signed and witnessed, it is legally binding.

What Happens When a General Power of Attorney Expires?

A GPE is typically valid until the principal revokes it or until it is no longer needed. This could occur if the principal regains their ability to make decisions, passes away, or if the purpose of the GPE is no longer needed. When the GPE expires, the attorney-in-fact’s authority to act on behalf of the principal also expires.

Sample General Power of Attorney

Sample 1

I, [principal name], hereby grant [attorney-in-fact name] the authority to act as my attorney-in-fact with respect to all legal, financial, and medical matters. This includes the power to make decisions, sign documents, and execute contracts on my behalf.

Sample 2

I, [principal name], hereby grant [attorney-in-fact name] the authority to manage my property, investments, and other assets. This includes the power to make decisions, sign documents, and execute contracts on my behalf.

Sample 3

I, [principal name], hereby grant [attorney-in-fact name] the authority to negotiate and execute contracts on my behalf. This includes the power to make decisions, sign documents, and execute contracts on my behalf.

Conclusion

A general power of attorney is a legal document that grants an individual or company the authority to act on behalf of the principal. The attorney-in-fact has the power to make decisions, sign documents, and execute contracts on behalf of the principal. A GPE should be used whenever the principal is unable to make decisions or take actions on their own, or if the principal wishes to delegate responsibility to another person or company. A GPE must be created with the help of a lawyer and must be signed and witnessed in order to be legally binding.

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