General Power of Attorney
What is a General Power of Attorney?
Below is some general information regarding the purpose and function of a Durable Power of Attorney for Financial Matters. This is a very brief overview and further questions, including whether a Durable Power of Attorney for Financial Matters is appropriate for your estate planning, should be directed to a qualified attorney.
GENERAL POWER OF ATTORNEY
A General Power of Attorney allows an agent to conduct business and financial affairs for you if you are incapacitated during your lifetime. The agent is chosen by you (ie: husband, children, siblings, etc.) and this person deals with items such as your retirement plans, insurance policies, annuities, etc., in the event you are unable.
Once again, this document is important for dealing with potential incapacitation during your lifetime, whereas a Will alone is only authoritative after your death. As medical technology increases human life expectancy in the years to come, this document will truly be beneficial for those individuals living with incapacity issues.