General Power of Attorney
Who should have a General Power of Attorney?
Everyone eighteen or older who has the power to legally act for themselves needs to appoint someone to act for them so they are able to plan for disability or disappearance.
What does a General Power of Attorney do?
It allows you to appoint a person, your agent, to conduct your affairs if you are unable to do so. This power to act for you becomes effective immediately and survives your disability or disappearance. It is a very powerful document and must be treated as such.
When do you use a General Power of Attorney?
You use it when you are incapacitated, traveling, or missing. It can be used as a convenience to transact a sale of property while you are on vacation. It allows your dependents to be taken care of if you are missing. It is necessary to avoid costly court proceedings if you are incapacitated.
How does a General Power of Attorney save money?
A Durable General Power of Attorney eliminates the need for costly court proceedings. When incapacity strikes, no one can manage your affairs without having a court decide who gets this power unless you do it ahead of time. Guardianship and conservatorship proceedings have a high price. You must pay attorney’s fees, court-appointed doctors, investigators, and appraisers. The person appointed by the court must put up an expensive bond based on your estate’s value.