What is a General Power of Attorney?
A
general power of attorney (GPOA) is a legal document that allows an individual (the principal) to designate another person (the agent or attorney-in-fact) to manage their affairs. This can include financial transactions, property management, and other legal tasks. The GPOA grants broad powers to the agent, enabling them to act on behalf of the principal in various capacities.
How to Choose the Right Agent?
Choosing the right agent is critical. The agent should be someone trustworthy and capable of managing your affairs responsibly. It is often advisable to choose a close family member or a friend who understands your
wishes and preferences. Discuss your decision with the chosen individual to ensure they are willing and able to take on this responsibility.
What Powers Does the Agent Have?
The agent under a GPOA can handle a wide range of tasks including, but not limited to:
- Managing bank accounts
- Paying bills
- Handling insurance matters
- Making
investment decisions- Managing real estate
These powers can be tailored according to the principal's needs and can be as broad or as limited as desired.
Can a General Power of Attorney Be Revoked?
Yes, a GPOA can be revoked at any time by the principal as long as they are of sound mind. The revocation should be done in writing and communicated to the agent and any institutions or individuals that were relying on the GPOA. It is also advisable to consult with an attorney to ensure the revocation is legally binding.
What Happens if There is No General Power of Attorney?
If a cancer patient does not have a GPOA and becomes incapacitated, their family may need to go through a lengthy and often costly court process to appoint a guardian or conservator. This can lead to additional stress and complications during an already difficult time.
How to Create a General Power of Attorney?
Creating a GPOA typically involves the following steps:
1.
Consult an Attorney: Seek legal advice to understand the implications and ensure the document meets all legal requirements.
2.
Draft the Document: Clearly outline the powers being granted and any limitations.
3.
Sign the Document: The principal must sign the document, often in the presence of a notary public or witnesses.
4.
Distribute Copies: Provide copies to the agent, any relevant institutions, and keep a copy for personal records.
Conclusion
A general power of attorney is a vital tool for cancer patients, providing peace of mind that their affairs will be managed in their best interest. By understanding the importance and intricacies of a GPOA, cancer patients can focus on their treatment and recovery without the added burden of financial and legal worries.
