Giving someone you trust power of attorney is a very common action, especially among the elderly, to protect assets or just for help with everyday tasks. However, this does not mean relinquishing all legal right to make decisions.

Identification

General power of attorney means handing over your legal right to make decisions to someone else. An agent (person with power of attorney) can have authority in any area, but most power of attorney agreements are related to such day-to-day financial matters as selling a car.

Function

People usually hand over general power of attorney when planning a living will or creating a trust to guard against becoming mentally and thus being unable to make decisions.

Considerations

Although you may delegate all decisions to a single agent, the American Association of Retired Persons suggests dividing financial and health care decisions to different people, or at least not to a single document.

Features

A general power of attorney agreement no longer remains valid when the person who gives up this power ceases living or enters into a state where he is physically incapacitated. In addition, you can revoke a power attorney agreement if you are not satisfied with your care.

Tip

The Internet Legal Research Group (ILRG) offers a template for a general power of attorney agreement that you may use straight-up or as a guide for your own arrangement.

Source:

Electric Law Library: Power of Attorney

American Associatino of Retired Persons: Understanding Power of Attorney

Resource:

The Internet Legal Research Group: Sample Power of Attorney Form