General power of attorney is a form of power of attorney that allows agents to take any legal action their principals may take. For example, the agent could open or close bank accounts in the principal's name, invoke or waive the principal's contractual rights, or buy or sell stocks for the principal. In most jurisdictions, even a general power of attorney is not unlimited due to statute or court precedent. For example, a jurisdiction might prohibit attorneys in fact from using their principals' assets to pay themselves.
[Last updated in January of 2022 by the Wex Definitions Team]