A Delaware general power of attorney (GPOA) is a legal document that empowers an individual, referred to as the “principal,” to delegate authority to another person, known as the “agent,” to handle various financial and legal matters on their behalf. This non-durable instrument grants the agent broad powers to manage the principal’s financial affairs, including handling bank accounts, investments, bill payments, and other monetary responsibilities.
To ensure ongoing representation, opt for a durable power of attorney, allowing the agent to act on behalf of the principal even if they become unable to make decisions due to illness or incapacity.
Authority (12 Del.C. § 49A-201) – An agent can perform actions on behalf of the principal and exercise extensive authority as specified in the agreement. Actions conducted by the agent hold the same weight as if performed by the principal, binding both the principal and their successors.
Signing Requirements (12 Del. C. § 49A-105) – The principal must sign in the presence of one witness and a notary public.
Presumption of Durability (12 Del. C. § 49A-104) – No, a power of attorney in Delaware is not considered durable by default. Specific language is required within the document to confirm if it remains effective in the event of the principal’s incapacity.