Article Side

Online Article Directory!

Hello Guest! Login or Register to submit articles!

Common Reasons to Create General Power of Attorney Privileges

By James Husedic Subscribe to RSS | June 7th 2012 | Views:
loading
 
  



A general power of attorney gives broad powers to a person and lets them perform financial transactions on behalf of another individual. This legal document grants authority to agents to conduct nearly any kind of transaction that the person would normally do for their self. Establishing a general power of attorney involves two individuals, along with two witnesses and a notary public. Individuals who grant privileges are referred to as the Principal while the person receiving privileges are referred to as the attorney-in-fact or agent. The attorney-in-fact does not have to be a lawyer. In fact, this person is usually a relative or personal friend of the Principal. On the other hand, Principals can select an attorney, accountant, or estate planner to act as their agent if they desire. Considering that agents can conduct a wide variety of transactions it is imperative to carefully select an agent that can be trusted. The person designated to the position must be of legal age and capable of appropriately managing finances.

Just because a person is appointed as the attorney-in-fact does not mean they are required to perform duties. However, once they engage in tasks specified in the general power of attorney they are obligated to act as fiduciary and protect the Principal's financial assets. Performing duties can sometimes be quite burdensome, so it is best to discuss the obligations with the chosen agent before inserting their name in the power of attorney form.

Executing a general power of attorney offers benefits to nearly everyone. If events take place that prohibit an individual from being able to engage in financial transactions related to personal finances or business, things can fall apart quickly. For instance, if a person becomes ill and isn't able to pay their bills they could face losing their home to foreclosure or have their car repossessed.

General power of attorney lets agents take care of a wide variety of transactions. Some of the most common include: paying bills; depositing funds into bank accounts; buying, selling or trading real estate; overseeing business operations; and engaging in business-related transactions such as buying or selling business equipment or other types of assets.

If agents are authorized to oversee real estate investments they are allowed to engage in any kind of transaction the Principal would normally conduct. For example, if the Principal owns real estate investments used as rental homes and tenants fall behind in payments, agents can engage in actions to collect delinquent rent. This could include establishing a payment plan to filing for eviction through the legal system.

Principals that own a business ought to execute a general power of attorney that authorizes an agent to take over business operations. Authority can be granted to oversee all aspects of the business or to handle specific duties.

When Principals do not want to grant broad powers they can execute other types of power of attorney rights. For example, if the Principal needs to sell real estate while they are out of town, they could execute a special power of attorney form that authorizes the agent to carry out the sale. Once the transaction is completed the powers are revoked and agents cannot conduct any other type of duty.

James Husedic - About Author:
Wills on Wheels lists lawyers who will go to your home and prepare your Power of Attorney – Find Power of Attorney Lawyer Online for Power of attorney for Property & Power of Attorney for Personal Care. For more information please visit:- http://www.wills-on-wheels-lawyers.com

Share on Facebook Tweet It Stumbleupon this post This post is delicious !

Article Source:
http://www.articleside.com/business-articles/common-reasons-to-create-general-power-of-attorney-privileges.htm

Related Business Articles Subscribe to RSS

Get equitable monetary benefits with the help of Zadroga attorney
Published by Jennifer Weinstein on January 8th 2012 | Business
The Zadroga attorney would fight the victim’s case on his behalf thereby getting well deserved com...
 
Is business attorney is vital for running your business smoothly?
Published by Adli Law on April 3rd 2012 | Business
Let the technicalities of law must be handled by the professionals who adept in it and indulged in i...
 
Hire a Zadroga attorney to get justice and rightful compensation
Published by Jennifer Weinstein on January 14th 2012 | Business
The Zadroga attorney helps the victim in getting justified amount of compensation from the faulty pa...
 
Powder Arts Thermography Warehouse Ltd embossing power with quality embossing powder
Published by James Blee on July 25th 2012 | Business
As well as covering the complete primary colours with their embossing powders, the range of embossin...
 
How to choose Family law attorney Nebraska
Published by Mchenry1 on May 29th 2012 | Business
Family law is an area dealing with legal disputes that are related to families. Divorce, division of...
 
DUI attorney NY- Handle the delicacy of your case
Published by Paxton on January 3rd 2012 | Business
DUI attorney NY because they are well-aware of all the driving under influence laws in New York. The...
 
Efficient server power supply
Published by Dainard Jackson on November 25th 2011 | Business
Today’s modern server solutions are facing an uphill task in securing enough power supply for thei...
 
Apply for the disability benefits successfully with the help of an attorney
Published by Safinajones on February 29th 2012 | Business
There are a number of disability benefits schemes available with the federal government. Here is a u...
 
The power and Longevity of a Samsung Series 9 Review Laptop computer
Published by Harry Ackerman on December 14th 2011 | Business
The X-series of the Samsung Series 9 Review laptop computer is their ultra thin versions....
 
Why do you hire a patent attorney?
Published by Adli Law on April 5th 2012 | Business
If you have realized the imperativeness of the patent attorney, have one of them in your side in ord...
 
Hire the best personal injury attorney to get your compensation.
Published by Danny Kaye on May 11th 2012 | Business
When you met with any kind of harm because of others fault the first thing which you should do is th...
 
Protecting Your Assets with a divorce attorney, Northfield, NJ
Published by on November 25th 2011 | Business
When going through a divorce, we always hope that we can end things peacefully, and that our former ...
 
The wind power is the source of energy for future generation
Published by Zoya Neil on April 21st 2012 | Business
With the increase in the global temperature, it is wiser to use the renewable energy like the wind p...
 
The Importance of Trust with your divorce attorney, Northfield, NJ
Published by on November 25th 2011 | Business
When talking with a divorce attorney, Northfield, NJ it’s important to understand the notion of co...
 
Personal injury attorney Nebraska services
Published by Mchenry1 on June 13th 2012 | Business
Being offended could be an extremely worrying thing to carry on with, particularly if you endeavor t...
 
Affordable Measures to enjoy Uninterruptible power supplies at work
Published by Samuel Arthur on January 18th 2012 | Business
When it comes to power distribution in a home or in a business, there are certain things to take int...
 
DWI attorney New York-justifies your stand in law suit
Published by Paxton on January 18th 2012 | Business
The levied charges are based on how much alcohol is consumed and how impaired that person appears to...
 
Get expert and desired advocacy with online tax attorney
Published by Alen Gray on April 17th 2012 | Business
It can be a shocking moment when you receive a tax letter in the mail; it can be devastating if the ...
 
What You Need to Know About the Courts and Your divorce attorney, Northfield, NJ
Published by on November 28th 2011 | Business
If you are facing a divorce or a custody hearing, there are some things that you should know about t...
 
Why You Should Keep an attorney Tyler, TX Number on Hand
Published by Evans Baliol on November 25th 2011 | Business
You may not need an attorney Tyler, TX right now, but it’s a good idea to have the number of a goo...