Law Insight – What is the Difference Between a Specific Power-of-Attorney and a General Power-of-Attorney?
What’s the difference between a “specific” power-of-attorney and a “general” power-of-attorney? What is a power-of-attorney?
A power-of-attorney is a document that meets certain statutory requirements so that someone, your Agent, can legally act on your behalf.
A “specific” power-of-attorney sets out the specific tasks that your Agent may perform such as paying your bills or writing checks on certain bank accounts.
With a “general” power-of-attorney, you allow your Agent to perform whatever tasks you could do – as if you were there in person.
Not only could this include paying your bills or writing checks, but also selling your home or your car, selecting your investments, or any other number of other financial, professional or personal tasks.
So be very careful when executing a “general” power-of-attorney and contact a lawyer if you have any questions or concerns.
Reece B. Morrel, Jr. is a Lawyer, MBA, CPA, CGMA, AEP®, and award-winning author. He is the founder of Morrel Law PLLC, a law firm in Tulsa, Oklahoma. He has personally worked on several multi·million dollar engagements involving tax, estate planning, elder law, business law, and accounting services. Mr. Morrel has consulted with clients and other professionals around the country. He is the author of the Lady Luck Gambling Diary: Slot Machine Edition.