A power of attorney is a contract that authorizes someone to make decisions or take actions on someone else’s behalf. This gives the authority to a third party to do things on behalf of someone else who cannot do it for themselves. There are different types of power of attorney documents that cover different transactions that the person can execute. For instance, a general power of attorney is considered to be the broadest authority that can be given to another person for yourself. A general power of attorney enables you to act on a number of matters including business transactions, selling property, and spending money. Many times, this helps people with large businesses designate a decision maker. It also allows someone to sign documents on behalf of them. In real estate, it lets people sign for property transactions, sell and divide property, and contact creditors and other parties. A general power of attorney is not used for end of life planning, because there is a contingency. If the person is incapacitated, then the power of attorney is invalidated. When a person is incapacitated, a medical power of attorney and durable power of attorney are used. In real estate, a power of attorney can be used for several different circumstances. Contacting creditors, dealing with tax obligations, and paying off loans are handled by this document. It is common to have a power of attorney to speak with a creditor about paying off a lien or judgement. You can designate to give limited power to an agent for the following:You can designate limited power to an agent for the following:

• Real estate transactions, Other property transactions,
• Transactions regarding stocks and bonds or other commodities or options,
• Banking transactions, annuities etc.,
• Business operation transactions,
• Insurance transactions,
• Estate and trust transactions,
• Court and litigation,
• Personal dealings,
• Governmental programs, civil or military service benefits from
• Social Security or Medicare,
• Retirement planning,
• Tax obligations, and
• Digital assets or communication.

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