One notable exception to this is that agents cannot gift money or property belonging to the principal to themselves. Essentially, the agent has the same authority as you have to make decisions, handle your financial affairs and manage your assets. General power of attorneyĪ general power of attorney grants broad powers to an agent. The differences will be discussed later in this article. However, do not confuse the three types of powers of attorney delegating authority to handle matters related to finances and business with the medical power of attorney. The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following:Ĭalifornia also recognizes authority granted to an agent through a medical power of attorney for health care. What are the different types of powers of attorney in California? The alternate steps in when the primary agent is unavailable, unable or unwilling to handle the assigned responsibilities. For example, a person with more than one adult child may appoint two or more of them to act together, or one person can be appointed as an agent with another person appointed as an alternate. Buying and selling stocks, bonds and other securities.Hiring and firing people that work for you.Handling transactions at financial institutions.Some of the different tasks a power of attorney allows you to give to your agent include: You decide how much or how little authority you grant to your agent along with the types of tasks your agent may perform. Only one of the four types of powers of attorney authorize an agent to make healthcare decisions on your behalf. The agent has authority to act on your behalf to perform tasks related to your financial and personal affairs. It allows you as the principal to appoint another person to act as your agent or attorney-in-fact. A power of attorney, which you may see or hear referenced as a “POA,” is a legal document.
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