A general power of attorney gives broad powers to a person or organization, known as an agent or attorney in fact, to act on your behalf. What powers? Handling financial and business transactions. Buying life insurance. Settling claims. Operating business interests. Making gifts. Employing professional help. These things make a general POA an effective tool, especially if you’ll be out of the country and need someone to handle certain matters, and obviously if you’re physically or mentally incapable of managing your affairs. Powers of attorney are generally included in estate plans to make sure someone is handling financial matters. But
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What to Know About ‘Power of Attorney’
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