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What is a general power of attorney?

It doesn't matter if you live in Texas or another state, there is nothing exciting about estate planning. As you make changes and create the necessary documents, you will have no choice but to think about the future. As you think about the future, thoughts of leaving your family behind will come to mind.

As scared and confused as you may be, there is nothing about the estate planning process that can't be overcome.

Early on, you will want to consider the benefits of creating a general power of attorney. This is created so another person can handle your affairs if you don't have the capacity to do so on your own.

You can give somebody, usually a family member, the power to do some or all of the following:

-- Buy and sell real estate

-- Handle bank and other financial transactions

-- File tax returns

-- Purchase life insurance

-- Enter into contracts

-- Manage government benefits

As you create a general power of attorney, it is important to make note of what powers you want to grant. If you are not comfortable with something, you can leave it out.

Creating an estate plan can be challenging, but it is something you have to do for your own well being. At the same time, it will make life easier on your family now and in the future.

There are many benefits of a general power of attorney. If you are considering this, you may want to speak with an attorney to determine if it is the best option for you at the present time.

Source: Quicken Loans, "Types of Power of Attorney: Which POA is Right for Me?" Dec. 23, 2014

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