A general power of attorney is a legal document that grants one individual, referred to as the "principal," the authority to assign broad powers and decision-making capabilities to another person, known as the "agent" or "attorney-in-fact." This legal instrument enables the appointed agent to act on behalf of the principal in various matters, including financial, legal, and personal affairs, as specified in the document.
By executing a general power of attorney, the principal effectively delegates comprehensive powers to the agent, allowing them to make important decisions and take actions that impact the principal's interests. These powers typically encompass a wide range of activities such as managing financial accounts, engaging in real estate transactions, signing contracts, filing taxes, representing the principal in legal proceedings, and accessing personal and confidential information.
The authority granted through a general power of attorney is generally not limited by its duration unless explicitly specified. However, it usually terminates upon the death or incapacitation of the principal, revocation of the power of attorney, or in certain cases, completion of a specific task or purpose outlined in the document.
It is essential to exercise caution while granting a general power of attorney, as it grants substantial decision-making authority to the agent, empowering them to act on behalf of the principal. It is advisable to consult with a legal professional and thoroughly understand the implications and potential risks involved before executing such a document.
