Legal Definitions - general power of attorney

General power of attorney is a legal document that allows someone (called the agent) to act on behalf of another person (called the principal) in any legal matter. This means that the agent can do anything that the principal can do, such as:

• Open or close bank accounts in the principal's name
• Make or change investments
• Buy or sell property
• Sign contracts or legal documents

However, it's important to note that even with a general power of attorney, there may be limits on what the agent can do. For example, some jurisdictions may prohibit agents from using the principal's assets to pay themselves.

Here's an example: Let's say that John is going to be out of the country for several months and wants his sister, Jane, to handle his financial affairs while he's gone. John gives Jane a general power of attorney, which allows her to access his bank accounts, pay his bills, and make investment decisions on his behalf. With this power of attorney, Jane can act as if she were John in all financial matters.