Durable Financial Power of Attorney Template

Durable Financial Power of Attorney Template

This Durable Financial Power of Attorney (the “POA”) is made as of [Date] by:

Principal: [Full Legal Name], residing at [Address].
Agent: [Full Legal Name], residing at [Address].
Alternate Agent (Optional): [Full Legal Name], residing at [Address].

1. Appointment of Agent

1.1 I, [Principal Name], appoint [Agent Name] as my Agent (Attorney-in-Fact) to act for me in financial and property matters as described in this POA.
1.2 If my Agent is unable or unwilling to serve, I appoint [Alternate Agent Name] as my Alternate Agent.

2. Durable Effect

2.1 This POA is durable, meaning it remains effective if I become incapacitated, to the extent permitted by law.

3. Effective Date (Choose One)

3.1 ☐ Immediate. This POA becomes effective immediately upon signing.
3.2 ☐ Springing. This POA becomes effective only upon my incapacity, determined by: ☐ My physician ☐ Two licensed physicians ☐ Other: [Method].

4. Granted Powers

I grant my Agent authority to act for me in the following matters (initial or check as desired):

4.1 ☐ Banking and Financial Accounts. Open/close accounts, deposit/withdraw funds, sign checks, obtain statements.
4.2 ☐ Bills and Expenses. Pay bills, manage recurring payments, handle utilities and insurance payments.
4.3 ☐ Investments. Buy/sell securities, manage brokerage accounts, work with advisors.
4.4 ☐ Real Estate. Buy, sell, lease, manage, and mortgage real property.
4.5 ☐ Personal Property. Buy/sell vehicles and other personal property.
4.6 ☐ Business Interests. Operate or manage my business interests and sign business documents.
4.7 ☐ Tax Matters. Prepare, sign, and file tax returns; obtain tax information.
4.8 ☐ Government Benefits. Apply for and manage benefits (Social Security, Medicare, etc.).
4.9 ☐ Insurance and Annuities. Manage policies, pay premiums, file claims.
4.10 ☐ Legal and Claims. Hire attorneys, settle claims, pursue or defend legal actions.
4.11 ☐ Retirement Plans. Manage retirement accounts, make contributions, handle distributions.
4.12 ☐ Other Powers. [Describe any additional powers].

5. Special Instructions and Limitations (Optional)

5.1 Limitations. My Agent may not: [Restrictions].
5.2 Gifting Authority (Optional).
☐ No gifting authority
☐ Limited gifting up to $[] per year to: [People/charities]
5.3 Recordkeeping. Agent must keep records of transactions and provide an accounting to: [Name/people] every [] months.
5.4 Co-Agents (Optional). ☐ None ☐ Co-agents: [Names]. Authority is: ☐ Joint ☐ Separate.

6. Agent Duties

6.1 My Agent must act in my best interest, avoid conflicts of interest, and use reasonable care.
6.2 My Agent must keep my money and property separate from the Agent’s own (unless allowed by law).

7. Reliance by Third Parties

7.1 Third parties may rely on this POA unless they have actual knowledge it has been revoked or is invalid, to the extent permitted by law.

8. Revocation

8.1 I may revoke this POA at any time while I have legal capacity by written notice to my Agent and affected third parties.

9. Governing Law

9.1 This POA is governed by the laws of [State/Country].

10. Severability

10.1 If any part of this POA is unenforceable, the remainder remains effective.

Signatures

I sign this Durable Financial Power of Attorney on the date written above.

Principal: [Full Legal Name]
Date: [Date]
Signature: ___________________________

Agent Acknowledgment (Recommended)
I, [Agent Full Legal Name], acknowledge my appointment and agree to act as Agent under this POA.

Agent: [Full Legal Name]
Date: [Date]
Signature: ___________________________

Witnesses (Optional / If Required)

Witness 1 Name: [Name]
Date: [Date]
Signature: ___________________________

Witness 2 Name: [Name]
Date: [Date]
Signature: ___________________________

Notary / Notarization (Optional)

State of [State]
County of [County]

On [Date], before me, [Notary Name], personally appeared [Principal Name] and [Agent Name], known to me (or satisfactorily proven) to be the persons whose names are subscribed to this instrument, and acknowledged that they executed the same for the purposes stated herein.

Notary Public Signature: _______________________
My Commission Expires: _______________________