A General Power of Attorney is a written document that grants a broad range of specific powers over your financial and personal affairs to someone you trust (referred to as your “agent” or “attorney-in-fact”). Specific provisions can establish when and how the appointment of the Power of Attorney takes effect, the duration and the manner in which it can be terminated, and may describe or limit the powers granted to such agent.
A General Power of Attorney is “durable” since it remains in force at all times, even during periods of disability or incapacity. One could elect for it to be “springing”, which means the General Power of Attorney does not come into effect until the maker is disabled or incapacitated. This is popular as a means of avoiding “blank check” issues. All Powers of Attorney terminate upon the death of the maker. A Power of Attorney is an extremely important document that can be used to avoid the appointment of a conservator by a court when a person becomes incapacitated.
For more information regarding estate planning, business law or tax controversy and compliance, please visit the Hoffman & Associates website at www.hoffmanestatelaw.com or call us at 404-255-7400.
In accordance with IRS Circular 230, this article is not to be considered a “covered opinion” or other written tax advice and should not be relied upon for IRS audit, tax dispute, or any other purpose. The information contained herein is provided “as is” for general guidance on matters of interest only. Hoffman & Associates, Attorneys-at-Law, LLC is not herein engaged in rendering legal, accounting, tax, or other professional advice and services. Before making any decision or taking any action, you should consult a competent professional advisor.