Financial Power Of Attorney

Creating Your Power Of Attorney

Entrust your affairs to a reliable individual of your choice through a robust Power of Attorney.

First Name *

Phone *

Last Name *

Email *

GOVERNING LAW

POWER OF ATTORNEY FORM

A Power of Attorney is governed by the law of the jurisdiction where the actions of the Attorney-in-fact will be performed. Normally, this is the place in which the

property of the principal is located. Therefore, it is not a good idea to appoint an Attorney-in-fact who resides in a different jurisdiction, unless the property or assets you want the Attorney-in-fact to deal with are also in the different

jurisdiction. If you anticipate that your Attorney-in-fact will be acting in more than one jurisdiction, you should probably make separate powers of attorney for each jurisdiction.

Examples:

If your bank accounts and other property are located in the jurisdiction where you live, you will want to choose that jurisdiction for the governing law, and appoint an Attorney-in-fact who lives in the same jurisdiction.
If you live in one jurisdiction but have a bank account or other property someplace else, and you want an Attorney-in-fact to deal with that property, you will want to choose the place where the property is located as the governing law, and appoint an Attorney-in-fact who is located in (or is willing to travel to) the same jurisdiction as the property.
Jane in Texas wants her son Bob in Ohio to sell Jane's condo in Florida. The Governing Law in this example is Florida.

Where will this Power of Attorney be used? *

SPRINGING POWER OF ATTORNEY

A Springing Power of Attorney allows you to choose when your Power of Attorney will come into effect. Otherwise, it will come into effect once you sign it.

By choosing to create a Springing Power of Attorney, you are ensuring that the document will not come into legal effect until the date or event you have specified has occurred.
Generally speaking, a Power of Attorney is effective as soon as it is executed (signed and witnessed, etc.) whether or not the principal is available or able to handle his or her own affairs. However, the document might specify that it will only be effective under certain conditions.
For example, some Powers of Attorney specify that they will not come into effect unless and until the principal has become mentally incompetent to handle his or

Do you want your Power of Attorney to be Springing? *

Only if you have chosen YES above When shall your. Power of Attorney spring into effect?

Upon Me Becoming Incapacitated

On a Specific Date

Power of Attorney spring into effect Date

CREATE YOUR POWER OF ATTORNEY

The person who gives the authority (power to act) is referred to as a donor, grantor, or principal.

Who is granting this Power of Attorney? *

Full Name
Address
City/Town
State

ALTERNATE ATTORNEY-IN-FACT

An alternate can act for you when your primary Attorney-in-fact is unable or unwilling.

It is a good idea to appoint an alternate/substitute Attorney-in-fact but it is not absolutely necessary. An alternate/substitute Attorney-in-fact can only act when the primary Attorney-in-fact is unable or unwilling to continue acting for the principal.

Do you wish to name an alternate Attorney-in-fact? *

Who do you wish to act on your behalf? Alternate Attorney-in-fact Details

Full Name
Address
City/Town
State

MENTAL INCAPACITY

How will "Mental Incapacity" be determined?

"Mental Incapacity" means a person is unable to understand information relevant to making a decision about the management of property, or the person cannot appreciate the foreseeable consequences of making (or not making) a decision about the management of property.

How will "Mental Incapacity" be determined? *

One licensed physician declares that you are incapable of managing your affairs

Two licensed physicians declare that you are incapable of managing your affairs

ATTORNEY-IN-FACT POWERS (GENERAL AUTHORITY)

By granting General Authority you are authorizing your Attorney-in-fact the ability to act for you in all areas, and to be able to do any act or thing that you could possibly do if you were yourself personally present.

If you decide to grant such authority, the next page will outline the specific areas in which your Attorney-in-fact will have the ability to act on your behalf. Some important areas include: Real Estate Transactions and Personal Property Transactions.

Do you wish to grant your Attorneys-in-fact General Authority? *This will grant your Attorneys-in-fact authority to act for you in all areas, and to do any act or thing that you could do if personally present.

ATTORNEY-IN-FACT POWERS (GENERAL AUTHORITY)

If you wish to grant general authority with a few exceptions, it is best to not grant general authority and rather individually select the powers you wish to grant to your Attorney-in-fact.

The power to act on your behalf will be granted in these specific areas:

Business & Real Estate Powers

Real Estate Transactions

Maintain Property and Make Investments

Banking Transactions

Business Operating Transactions

Insurance Transactions

Claims and Litigation Matters

Government Powers

Tax Matters

Government Benefits

Retirement Benefit Transactions

RESTRICTIONS

You are giving your Attorney-in-fact considerable power. There may be some specific things that you would prefer your Attorney-in-fact did not do.

There can be many restrictions you may want to place on your Attorney-in-fact. You may wish to prevent your Attorney-in-fact from selling a particular piece of real estate. Or you may wish to limit how much your Attorney-in-fact may spend while renovating a particular property.

Do you wish to put restrictions on your Attorney-in-fact? *

Only if you have chosen YES above Please select one of the available descriptions Select the restrictions you wish to put on your Attorney-in-fact:

I wish to live independently as long as possible and would like my money to be spent for that purpose.

I restrict the types of investments my Attorney-in-fact can make with my money to only government issued savings bonds.

I wish to create a customized restriction.

ATTORNEY-IN-FACT COMPENSATION

Depending on the kind of relationship you have with the person who will be acting as your Attorney-in-fact, you will have to consider how they should be paid for their services.
You can stipulate in your document that your Attorney-in-fact will not receive any payment except the reimbursement of out-of-pocket expenses as this is the starting point for compensation, or you can agree to pay your Attorney in-fact a specified amount. If you prefer, you can authorize your Attorney-in-fact to pay him or herself a reasonable amount for acting for you.
Out-of-pocket expenses are expenses that your Attorney-in-fact pays out of his or her own pocket while performing tasks related to this Power of Attorney.
These expenses would include gasoline, parking, administration fees, etc.

How will my Attorney-in-fact be compensated financially? *

Out-of-pocket expenses only

At a rate set in law

I will specify

Only if chose I will specify above Describe how oyur attorney-in-fact will be compensated:

OTHER ATTORNEY-IN-FACT ISSUES

A co-owned asset is property that is jointly owned between two or more people. Often a husband and wife are joint owners of the family home. It is important to state this in your document, so that third parties dealing with your Attorney-in-fact understand that the Attorney-in-fact is entitled to co-own assets with you. Otherwise, the co-owning of assets could give the impression of improper motives.
If the person you are appointing as your Attorney-in-fact is also a beneficiary in your Last Will, you may want that person to be able to personally benefit from managing your assets, since you intend that person to become owner of the assets eventually anyway.
Generally, however, it is not a good idea to allow your Attorney-in-fact to personally benefit from managing your assets as this creates a conflict of interest for your Attorney-in-fact, who is legally obligated to act only in your best interest.
The conservator of the person (guardian) is responsible for your physical care. You may nominate your Attorney-in-fact to be your conservator, in case the need should arise. The court will probably appoint the person you nominate unless the judge decides that it would be contrary to your best interests.
You can require your Attorney-in-fact to prepare periodic financial statements and send them to your accountant, lawyer or some other person you choose. This is a lot of work. Most people do not require it of an unpaid Attorney-in-fact.
Note: Your Attorney-in-fact should keep records of their actions regardless.

Select any options you wish to apply to your Power of Attorney:

My Attorney-in-fact can co-own assets with me.

My Attorney-in-fact can personally benefit from control of my assets.

My Attorney-in-fact can delegate any granted authority.

I nominate my Attorney-in-fact to act as guardian or conservator for me.

My Attorney-in-fact is required to prepare financial statements.

DOCUMENT MARGIN SIZE *

County
Sate

The blank space required for the filing stamp varies between counties. While for many it is just one inch, others require three or more. If you will need to have your Power of Attorney recorded, it is recommended that you confirm necessary spacing with your local county land or deeds registration office.

Power of Attorney Signing Details: When will the document be signed? *

Only if chose I will specify date above: Power of Attorny

Where will you sign Power of Attorney Document at?

City/Town:
State:

Power of Attorney Signature: *

Clear

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