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Simple English definitions for legal terms
general power of attorney
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A quick definition of general power of attorney:
General power of attorney is a legal document that allows someone else to do anything that you can do. This means that the person you choose can make decisions and take actions on your behalf, such as managing your bank accounts, signing contracts, or buying and selling stocks. However, there are still some limits to what they can do, depending on the laws in your area. For example, they may not be allowed to use your money to pay themselves.
A more thorough explanation:
General power of attorney is a legal document that allows someone (called the agent) to act on behalf of another person (called the principal) in any legal matter. This means that the agent can do anything that the principal can do, such as:
- Open or close bank accounts in the principal's name
- Make or change investments
- Buy or sell property
- Sign contracts or legal documents
However, it's important to note that even with a general power of attorney, there may be limits on what the agent can do. For example, some jurisdictions may prohibit agents from using the principal's assets to pay themselves.
Here's an example: Let's say that John is going to be out of the country for several months and wants his sister, Jane, to handle his financial affairs while he's gone. John gives Jane a general power of attorney, which allows her to access his bank accounts, pay his bills, and make investment decisions on his behalf. With this power of attorney, Jane can act as if she were John in all financial matters.