What is a General P.O.A?
General P.O.A is a legal document that gives a trusted individual or an organization consent to manage legal and financial matters for you such as signing contracts, selling real estate accessing bank accounts, and even filing taxes for the principal. When you grant the control, you will be referred to as the “principal” while the individual you have granted control to will be referred to as an “agent” or “attorney-in-fact”. In most cases, powers of attorney can be unilateral contracts it is signed only by the principal but accepted by the agent by the act of performance.
About Free General P.O.A
A free general P.O.A enables you to acquire and draft the general P.O.A estate deed with ease and free of charge. These free forms are available on our website today. Why are these estate deeds free? Well, due to their simplicity, the general P.O.A can be downloaded and filled online for free. You only need to fill in your details and the credentials of the general P.O.A proxy of your choice.
Benefits of acquiring a general P.O.A.
- It provides the ability for you to choose a person that you trust to make decisions for you rather than the court.
It prevents certain eventualities such as probate proceedings that are meant to transfer your assets to your heirs but are costly, time-consuming, and too public at the same time.
- It avoids the necessity for conservatorship/ guardianship
Conservatorship is a situation where a guardian is appointed by a court to decide and fully manage your financial and personal affairs. It is usually accompanied by so many inconveniencies especially to the party under guardianship as they face abuse.
- It prevents delay in production planning
In the event you are incapable of deciding on your financial affairs, a general P.O.A steps in and decides for you, making the regular activities run as usual hence preventing delays.
- It also provides your loved ones with an opportunity to express their wishes and desires.
During the process of selecting a general POA proxy to decide over your affairs, involving your family in the selection process enables you to select a proxy that will make rational decisions and who protects your best interest.
Apart from having benefits it also has some limitations. Among those limitations are:
- If you happen to make a mistake during its creation, your power of attorney won’t grant you the expected authority. It is advised to get help from qualified attorneys to fill it.
- It ends at your death hence does not address what happens to your assets after your demise.
The document may state both the specific and expiration date but, in a case, where it is not stated, it will expire or end upon your demise. Some powers require specific mentioned in the document. These may include the power to designate beneficiaries of your insurance policies, the power to change your community property agreement. The power to vote for you in an election and the power to alter your will are among the powers that cannot be given to an agent
What period is better for a general P.O.A?
The period in which a General P.O.A acts on your behalf depends on your preference. It can only be terminated if you indicated the expiry date or revoked upon your death.
What is the power of a general P.O.A?
A general POA has a high degree of authority that allows them to decide over almost all your fiscal and personal affairs with an exception of only a few matters provided by the law.
Who should have a general P.O.A?
A person whose affairs are complex and depend solely on them. In this case, a general P.O.A will be of great help since they take full control over the affairs of the owner.
Does it need to be notarized, witnessed, or recorded?
A general P.O.A is a very crucial document as it appoints another person to manage your affairs. The drafting of the estate deed must be notarized, witnessed by at least three people, and recorded and stored for future references.
What is required for a valid P.O.A?
It must contain an execution date, must be signed by the principal. It is also signed and acknowledged before a notary public or by at least three witnesses.
Can one hire more than one general P.O.A proxy?
The general P.O.A proxy makes decisions for different situations in your estate and personal affairs, employing more than one proxy will initiate chaos as they will have different ideologies and decisions of which each party wants.