An individual (the “principal”) can grant power to another person (“the agent”) to make decisions about the principal’s property and finances. It can be a general, broad power to address all property and financial issues, or it can be limited to the following specific areas:
- Real property transactions
- Tangible personal property transactions
- Stock and bond transactions
- Commodity and option transactions
- Banking and other financial institution transactions
- Business operating transactions
- Insurance and annuity transactions
- Estate, trust, and other beneficiary transactions
- Claims and litigation
- Personal and family maintenance
- Benefits from social security, Medicare, Medicaid, or other governmental programs or civil or military service
- Retirement plan transactions
- Tax matters