which of the following is true of a general power of attorney?

What does a general power of attorney do?

Nov 25, 2003 · the durable power of attorney (dpoa) remains in control of certain legal, property, or financial matters specifically spelled out in the agreement, even after the principal becomes …

Who can be an agent of a power of attorney?

Nov 15, 2017 · A general durable power of attorney grants a named individual (called the "attorney-in-fact" or "agent") the authority to act on your behalf with respect to whatever …

How broad can a power of attorney be?

It specifies that the agent's authority is intended to continue beyond the principal's incapacitation. It grants the agent express authority over specifically outlined acts. What type …

What is the difference between durable power of attorney and general?

Which of the following is true of a general power of attorney? A) A power of attorney can be oral. B) Only lawyers can be agents of a power of attorney. C) A power of attorney cannot be …

What is a general power of attorney?

A general power of attorney allows an individual (the “Principal”) to select an individual (the “Agent”) to handle their financial affairs only. Unlike Durable Power of Attorney, the general does not allow the Agent to be able to make decisions on the Principal if he or she is not mentally capable (also known as incapacitated due to a coma, ...

What is an attorney in fact?

Also referred to as an “attorney-in-fact”, this person is selected by the Principal to act as their lead representative to make any type of permitted financial transaction as approved in the general power of attorney. It should be discussed the role and the powers they may have and also that the designation is only valid during the time the principal is alive and competent.

What happens if a power of attorney is cancelled?

Under any circumstance, if the Agent continues to act on behalf of the Principal after the power of attorney has been canceled it shall be considered a fraud or elder abuse with serious legal consequences.

What is an agent certification?

Agent Certification – In some States, the Agent will be required to read and authorize an additional “Agent Certification” that is attached to the power of attorney. The Agent Certification lists the rights and rules under which the Agent must abide in accordance with State law and standard procedures.

What happens if a principal dies?

Death or Incompetency of the Principal – If the Principal should die or be considered incapacitated the general power of attorney will immediately become invalid. The assets of the Principal will become part of the probate process and will follow the instructions made in the Principal’s Last Will & Testament.

What is durable power of attorney?

In short, a general durable power of attorney is about your ability to have your property, legal affairs, business dealings and financial matters handled effectively, conveniently and quickly in the event of difficult or unforeseen personal circumstances.

Can a power of attorney be broad?

A power of attorney can be prepared in such a way so as to be as narrow or as broad as you would like. For example, an individual could sign a power of attorney granting to someone else authority to manage one particular piece of property for a limited period of time.

What is a disclosed principal?

A disclosed principal. An international principal. A voluntary principal. A disclosed principal. In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal.

What does "not liable" mean?

not liable if the contract expressly excludes the principal from the contract. not liable for the acts of the principal. invariably liable because he or she is a party to the transaction. not liable for the acts of the principal.

What is an international principal?

An international principal. A voluntary principal . A disclosed principal. In certain situations, the agent is the only party liable for the contract even when the agent acts within his or her authority on behalf of an undisclosed principal. Identify these situations.

What is a multiple choice question?

Multiple choice question. It specifies that the agent's authority ends on the principal's death or incapacitation. It is also known as a special power of attorney. It is also known as a general power of attorney.

What is a special power of attorney?

It specifies that the agent's authority ends on the principal's death or incapacitation. It is also known as a special power of attorney. It is also known as a general power of attorney. It specifies that the agent's authority is intended to continue beyond the principal's incapacitation.

What is a third party contract?

The third party enters into a contract with the agent such that the agent's performance is required and the third party may reject the performance of the principal. The contract expressly excludes the principal from the contract. If the third party is aware of the principal's existence but not his or her identity, ...

What is a power of attorney?

A general power of attorney gives your agent broad power to act on your behalf — making any financial, business, real estate, and legal decisions that would otherwise be your responsibility. For example: 1 managing banking transactions 2 buying and selling property 3 paying bills 4 entering contracts

What is POA in estate planning?

A power of attorney, or POA, is an estate planning document used to appoint an agent to manage your affairs. There are several different types of power of attorney. Each serves a different purpose and grants varying levels of authority to your agent. Related Resource: What is Power of Attorney?

What happens to a non-durable power of attorney?

Non-Durable Power of Attorney. A non-durable power of attorney expires if you become incapacitated or die. For instance, if you fall into a coma, your agents will lose any authority previously granted. After that, only a court-appointed guardian or conservator will be able to make decisions for you.

Can a power of attorney be restricted?

The powers granted under a general power of attorney may be restricted by state statutes. Who can legally override your power of attorney depends on which type of POA you select. 4. Limited (Special) Power of Attorney.

When does a power of attorney go into effect?

A springing (or conditional) power of attorney only goes into effect if a certain event or medical condition (typically incapacitation) or event specified in the POA occurs. For example, military personnel may draft a springing power of attorney that goes into effect when they’re deployed overseas.