There may occur some circumstances where an individual desires a general power of attorney form so that the other person can act on their behalf. It is a legal document that gives authority to a person to act on someone's behalf, called the principal. The authority includes extensive or limited authority to decide an individual's property and financial matters depending on the general POA's terms.
In all cases, the actions of the attorney will be considered to have been committed by the principal, who will be accountable for the actions of the attorney as he did himself.
What Is a General Power of Attorney?
A document to allow another person to make the decisions on your behalf is known as the general power of attorney. With this legal form, you are allowed to customize and give any type of power to your agent to act.
It is highly popular and effective to those people who want to permit another person or entity to act in their legal matters like financial, property, or medical affairs. Power of attorney forms should be provided in case you have aging parents and relatives while they are still able.
It is important to do proper communication and understand the results of giving legal power to an agent. POA form is used to authorize the act of a person on another's behalf in private business or legal matters.
Above all, make sure your agent is well-trusted, reliable, and coherent. If possible, you can add two agents to your power of attorney so that if one is unavailable at the moment, the other one can act.
How Long Does a General Power of Attorney Last?
The simple power of attorney form is a legal document that ensures that the other person can take decisions on his/her behalf. It is frequently used when the principal is ill or disabled, or he can't sign the financial documents due to unavailability.
It lasts until the principal revokes it, the death of a principal, a court invalidates it, or the agent refuses to carry the responsibilities.
Moreover, if you set the date to lapse the basic power of attorney form, then it will last until that date. The general power of attorney is formed when the principal is mentally competent and independent but unable to do so. It is allowed as long as the Principal is competent, which means that they can make their own decisions and have no disabilities.
The non-permanent power of attorney expires automatically when you are no longer able to work. When you die, your long-term power of attorney does not make decisions longer. At this point, your executor takes charge and begins the property sharing process.
What to Include in a General Power of Attorney?
Following are the elements that should be included in the general power of attorney form.
- Title of the Form: Giving your power of attorney form a name can help to identify that there is no confusion.
- Signatures: The document should be signed by the principal or the parties involved in the process.
- Date of the Form: The date when the documents are signed. If you are giving the powers to your agent on a different date, then include that date too.
- Identification of the Agent and the Principal: It includes the name, address, and phone number of the agent and the principal.
- Description of the Specific Powers: If it is a limited power of attorney form, list the specific powers that you are authorizing clearly.
Conclusion
If you lose the capacity to make financial decisions, then you can choose someone to hold your power of attorney form. It is practical to implement a general power of attorney form when you can't handle your financial matters. However, a general power of attorney expires upon your death.
