General power of attorney can be described as a written authorization from someone to represent or act on his or her behalf in variety of different affairs. Basically it is a legal document that authorize and appoints another person usually called an attorney, to deal with your different business affairs as well as to make financial and legal decisions for you. Attorney itself means an individual person who is appointed and authorized to act in the place of another person in personal or professional affairs. Power of attorney can be limited general or special as per needs of an individual person or business. General power of attorney allows authorized persons to take any legal action on behalf of their principals. Whereas, general power of attorney agreement is a legal document that allows you to appoint a person or organization to manage your business or personal affairs if you become unable to do so. The general power of attorney can apply to a particular transaction or under a widespread host of circumstances. A General power of attorney is usually very broad and giving the authorized person extensive powers and responsibilities to perform on the behalf of principle.
According to the terms and conditions mentioned in the general power of attorney, the authorized agent or person can handle described circumstances and affairs in the absence of principle and third parties may treat the agent as if he or she is the principal in any business or personal dealings that the agent is authorized to conduct. A general power of attorney agreement can be prepared between you and any other person that you trust just as a spouse, relative, child and a dear friend even. General power of attorney is something legal that putting your welfare into the hands of those that know you best and that you trust the most because they will act just like you when making various financial dealings or transactions. General power of attorney agreements are commonly used in almost all walks of life and are very frequently executed on behalf of individuals.
Here is preview of a Free Sample General Power of Attorney Agreement Template created using MS Word,
When signing a general power of attorney agreement, you as a principle do not lose decision making rights when appointing someone as an agent or representative to carry out financial activities on behalf of you because you are only allowing someone to act on your behalf. Handing over someone with general power of attorney can be a big step to take in your life, but it might be a necessary for you if you are worried that you will not be able to handle your own financial and other business affairs at some point in your life. According to the terms and conditions mentioned in general power of attorney agreement, an individual person or organization to which you are giving general power of attorney is obligated by law to protect you and your assets when making decisions on your behalf. You must put all terms and conditions of the general power of attorney agreement into writing to stay away from misunderstandings and conflicts in future.