Durable Power of Attorney Forms By State
What is Durable Power of Attorney?
The Durable power of attorney forms allows you to handle another person’s financial decisions on their behalf. All decisions made must be to the benefit of the person being represented. The one thing about the durable form that separates it from the rest is that it remains legal in the event the person being represented can no longer think for themselves. Examples of monetary decisions include:
- Banking Deposits and Withdrawals
- Real Estate Transactions
- Mail (Including Picking up from P.O Boxes)
- Automobile Purchases and Sales
- Choosing Retirement Plans
- Paying State and Federal Taxes (Although the 2848 form may also be needed)
- And any other transaction legal in the State where the form is being used.
How to Get Durable Power of Attorney?
Step 1 – Download.
Step 2 – Fill it in with the Attorney in Fact (representative) present to make sure you are both in agreement to the terms and conditions.
Step 3 – Authorize the document in front of a Notary Public. You can usually find one at every branch bank in the United States or you can go to 123notary.com and find a qualified person in your area.
The form may only be cancelled if the Principal signs a new power of attorney document or authorizes a cancellation (revocation).
Sample Durable Power of Attorney
I, ______________ of __________________ hereby appoint ____________of _________________ as my attorney in fact to act in my capacity to do every act that I may legally do through an attorney in fact. This power shall be in full force and effect on the date below written and shall remain in full force and effect until my death, unless specifically extended or rescinded earlier by either party. Powers shall include
- Powers of Agent. The Agent shall have the full power and authority to manage and conduct all of my affairs, and to exercise my legal rights and powers, including those rights and powers that I may acquire in the future, including the following:
- Collect and Manage. To collect, hold, maintain, improve, invest, lease, or otherwise manage any or all of my real or personal property or any interest therein;
- Buy and Sell. To purchase, sell, mortgage, grant options, or otherwise deal in any way in any real property or personal property, tangible or intangible, or any interest therein, upon such terms as the Agent considers proper, including the power to buy United States Treasury Bonds that may be redeemed at par to pay federal estate tax and to sell or transfer Treasury securities;
- Borrow. To borrow money, to execute promissory notes for borrowed money, and to secure any obligation by mortgage or pledge.
- Business and Banking. To conduct and participate in any kind of lawful business of any nature or kind, including the right to sign partnership agreements, continue, reorganize, merge, consolidate, recapitalize, close, liquidate, sell, or dissolve any business and to vote stock, including the exercise of any stock options and the carrying out of any buy sell agreement; to receive and endorse checks and other negotiable paper, deposit and withdraw funds (by check or withdrawal slips) that I now have on deposit or to which I may be entitled in the future in or from any bank, savings and loan, or other institution;
- Tax Returns and Reports. To prepare, sign, and file separate or joint income, gift, and other tax returns and other governmental reports and documents; to consent to any gift; to file any claim for tax refund; and to represent me in all matters before the Internal Revenue Service;
- Safe Deposit Boxes. To have access to any safety deposit box registered in my name alone or jointly with others, and to remove any property or papers located therein;
- Proxy Rights. To act as my agent or proxy for any stocks, bonds, shares, or other investments, rights, or interests I may now or hereafter hold;
- Legal and Administrative Proceedings. To engage in any administrative or legal proceedings or lawsuits in connection with any matter herein;
- Transfers in Trust. To transfer any interest I may have in property, whether real or personal, tangible or intangible, to the trustee of any trust that I have created for my benefit;
- Delegation of Authority. To engage and dismiss agents, counsel, and employees, in connection with any matter, upon such terms as my agent determines;
- Other Matters. ___________________________________________________
- Restrictions on Agent’s Powers. Regardless of the above statements, my agent:
- Cannot execute a will, a codicil, or any will substitute on my behalf;
- Cannot change the beneficiary on any life insurance policy that I own;
- Cannot make gifts on my behalf;
- Cannot exercise any powers that would cause assets of mine to be considered taxable to my agent or to my agent’s estate for purposes of any income, estate, or inheritance tax; and
- Cannot contravene any medical power of attorney I have executed whether prior or subsequent to the execution of this Power of Attorney.
Your rights, powers and authorities as my attorney in fact SHALL COMMENCE IMMEDIATELY AND SHALL NOT BE AFFECTED BY MY SUBSEQUENT INCAPACITY. Such rights, powers and authorities shall remain in full force and effect until revoked by written notice from me.
Dated: __________, 20____
STATE OF __________COUNTY OF __________
BEFORE ME, the undersigned authority, on this __________ day of __________, 20_____, personally appeared __________ to me well known to be the person described in and who signed the foregoing, and acknowledged to me that he executed the same freely and voluntarily for the uses and purposes therein expressed.
WITNESS my hand and official seal the date aforesaid.
_____________________ NOTARY PUBLIC
My Commission Expires: __________________
The information in this document is designed to provide an outline that you can follow when formulating business or personal plans. Due to the variances of many locals, cities, counties and state laws, we recommend that you seek professional legal counseling before entering into any contract or agreement.