My Power Of Attorney: A Casual Guide

What is a General Power of Attorney?

A General Power of Attorney (GPA) is a legal document that empowers someone you trust (your agent) to make decisions on your behalf. This can include anything from managing your finances to handling property matters.

When Do You Need a GPA?

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Incapacity: If you become unable to make decisions due to illness, injury, or mental incapacity.

Travel: If you’re going on a long trip or relocating.

Legal Matters: If you need someone to represent you in legal proceedings.

Key Components of a GPA:

1. Principal: The person granting the power of attorney.
2. Agent: The person receiving the power of attorney.
3. Scope of Authority: The specific actions the agent is authorized to perform.
4. Duration: The time period during which the power of attorney is effective.

Creating Your GPA:

1. Gather Information: Determine who you want to appoint as your agent and what specific powers you want to grant them.
2. Choose a Template: You can find free or paid templates online or consult with an attorney.
3. Customize the Template: Fill in the blanks with your personal information and the desired scope of authority.
4. Sign and Witness: Have the document signed by you and witnessed by a notary public.

Important Considerations:

Durable Power of Attorney: Consider making your GPA durable, which means it remains in effect even if you become incapacitated.

Springing Power of Attorney: This type of GPA becomes effective only under specific circumstances, such as if you are declared mentally incompetent.

Specific Powers: Clearly define the specific actions your agent is authorized to perform to avoid misunderstandings.

Review and Update: Review your GPA regularly and update it as needed to reflect changes in your circumstances.

Conclusion

A General Power of Attorney is a valuable tool for planning for the future and ensuring that your affairs are handled according to your wishes. By understanding the key components and carefully crafting your GPA, you can provide peace of mind for yourself and your loved ones.

FAQs

1. Can I revoke my power of attorney? Yes, you can revoke your power of attorney at any time, even if it is durable. However, the revocation may not be effective until your agent receives notice.
2. What happens if my agent dies or becomes incapacitated? If your agent dies or becomes incapacitated, the power of attorney will automatically terminate.
3. Can I limit the duration of my power of attorney? Yes, you can specify a specific duration for your power of attorney. For example, you could make it effective for a certain number of years or until a specific event occurs.
4. Can I grant my agent the power to make gifts on my behalf? Yes, you can grant your agent the power to make gifts on your behalf, but you may need to specify any limitations or restrictions.
5. Is it necessary to have a power of attorney if I have a living trust? While a living trust can help you avoid probate, a power of attorney is still useful for managing your affairs during your lifetime.

General Power Of Attorney Template