<h1>General Power Of Attorney Form: Why You Need One?</h1>
A general power of attorney form grants an individual the power to carry out all transactions permitted by law on one’s own behalf. This is a document that allows the individual to perform any task or transaction that one would do for oneself. Executing a general power of attorney is a fairly straightforward process that requires a notary public and two witnesses in addition to the Principal, the grantor of the privilege and the agent who receive the privilege. While, the agent can be a family member or friend of the principal, very often, a conflict of interest is avoided by using an attorney or estate planner as the agent for this purpose. Considering the vast latitude given by this form, it is important to choose this agent carefully.
Once the general power of attorney form has been signed and established, the person that is designated as the agent has fiduciary duties and must protect the financial assets of the Principal. The duties, depending on the extent of the Principal’s assets can be arduous and must therefore not be taken lightly. In all likelihood, if the agent is called upon to perform a duty, the Principal may be indisposed; at that time, all business operations must be conducted by the agent so as to not cause a delay in transactions that the principal would have performed on his own. The duties could be as basic as paying the mortgage and electricity bill on time or signing along the dotted line of a multimillion dollar business deal.
The most common tasks that a general power of attorney grants is paying bills, trading in the stock market, real estate purchases or sales, engaging in bank transactions and overseas financial transactions in the event of a sickness or travel. This legal safeguard protects the Principal from the penalties that may result from an inability to sign an important document or be present for an important meeting. Establishing a general power of attorney will also grant the agent the ability to carry out legal proceedings on behalf of the principal. For instance, if the principal is out of town, the agent is well within his rights to begin eviction procedures if a renter is delinquent on the monies owed to the Principal.
A general power of attorney form is available easily on the Internet and is downloadable for free. Each state requires its own form, although the stipulations for who must be present are the same across the board. While it is not mandatory that an attorney be present, retaining a law firm can advise you on any inclusions/deletions that might be specific to your needs. For those that do not want to go to this expense, websites that provide online legal services for a reasonable fee are also available.
A general of power of attorney is a responsible strategy that can ease the burden of the Principal during times of need, whether they are medical or schedule-related in nature. Personal finance experts encourage this decision. You may be surprised by how much better you sleep knowing that you have one.