Examples of Authority Usually Granted in a Genearl Durable Power of Attorney:
- To make deposits or withdrawals from your bank account or cash management accounts or to open new ones in your name.
- To buy or sell your stocks, bonds or other assets as prudence dictates.
- To buy, sell, mortgage or lease real estate which you may own and to fulfill agreements which you have made.
- To have access to your safe-deposit box or open new ones in your name.
- To sign your tax returns and to represent you if your tax returns are audited or hire professional help to do so.
- To make decisions concerning any retirement plan you may have including IRA (individual retirement accounts), IRA roll-overs, existing pension or profit-sharing benefits, or other employment benefit which may be provided by your employer.
- To fund a trust which you may create as a stand-by trust, or which you may authorize your agent to create for you when it is appropriate.
- To borrow on your life insurance policies to avoid sale of your other assets.
- To deal with your life and casualty insurance policies including increasing or decreasing coverage when appropriate.
- To deal with your business interests including the right to enter into or modify partnerships or shareholder agreements which may be needed to protect your interests.
- To continue a gift-giving program to your family if this should appear to be appropriate in the future.
- To complete or continue any charitable gifts for a cause in which you believe.
- To institute, settle, appeal or terminate any administrative proceeding or other litigation in which you are involved or is or has been instituted on your behalf.
- To nominate a person to act as your guardian or conservator should one be necessary despite the existence of your Durable Power of Attorney.
To be continued: Part 3