 |
|
 |
 |
|
Power of Attorney Form(financial durable power of attorney form)
(FOR USE IN ALL 50 STATES EXCEPT LOUISIANA)
Click here for a general process of our
copyrighted, online questionnaire process.
|
- General Purpose. A "financial power of attorney" allows another person (commonly called an "attorney-in-fact") to control the finances and other assets of the person who signed the power of attorney as principal. Our power of attorney form is also "durable" which means that it remains effective after the principle becomes incapacitated. The types of powers conferred by a principle to an "attorney-in-fact" under financial POAs are generally as follows:
- To buy and sell all property (including real estate) owned in whole or part by the principal;
- To use all credit cards issued in the name of the principal;
- To conduct all "banking" business including withdraw from, deposit to, open, and close all bank, savings, and brokerage accounts owned by the principal;
- To operate any business venture owned by the principal;
- To direct the investment of all of principal's assets;
- To enter into contracts on the principal's behalf;
- To borrow money on the principal's behalf;
- To make contributions and withdrawals from all of principal's retirement accounts and including IRAs and 401(k)s; and
- To make all tax elections to which the principal is entitled.
- To hire professionals to conduct any of the above activities.
The main purpose for executing a financial power of attorney is set up a way to legally transfer and manage your assets should you become physically or mentally unable to do so on your own (also called a "durable power of attorney"). Having this document in place could avoid the necessity of your family members going to court to get a conservator appointed over your assets in the case of physical or mental incapacity. Conservatorships are costly and take time for the courts to grant. This form may also be used for a temporary granting of financial powers to an agent such as where the principal plans to be away on vacation but must close a financial transaction while he is away.
- Can I restrict my attorney-in-fact from exercising any of the powers listed above? Yes, our forms system gives you the power to do this. Each of the powers is listed in the questionnaire and you have the right to say "NO" to any such as "power to use all credit cards in my name". Also, at the end of the list of powers, you are given the right to specifically deny your attorney-in-fact the power to do an act such as: "my attorney-in-fact shall not have the power to sell my vacation home Florida."
- What are the differences between a "financial power of attorney" and a "medical power of attorney"? An "attorney-in-fact" under a financial power of attorney does not possess the power to make health care decisions. Some forms attempt to combine the financial and health care functions into one form. We think this is confusing and could potentially cause problems under the laws of some states; therefore, we keep the forms separate them also it is not uncommon to see financial and medical POAs combined in one form. However, there is no prohibition against having the same individual serve as "agent" under a health care directive and, also, as your "attorney-in-fact" under a financial power of attorney. In our forms system, the "attorney-in-fact" under a financial power of attorney is not given the authority to make anatomical gifts of body parts (this can be done with the Advanced Medical Directive).
- Do I need a financial power of attorney if I already have a revocable trust? Generally, your need for a financial power of attorney has been substantially reduced if you have a revocable trust. In such cases, the successor trustee would take over control of all trust assets upon your incapacitation; however, are you certain that all of your assets are held by the trust? Do you have any jointly owned property with your spouse which is not inside the trust? Retirement accounts? This form is $9.99 and, even in situations where the maker possesses a revocable trust, it will allow your attorney-in-fact to act on your behalf for all assets that many not be titled in the name of the trust.
- Note: The MedLawPlus.com® financial power of attorney does NOT contain a springing feature (i.e., upon the happening of some future event). Our form is designed to be effective immediately upon execution.
For additional information, we recommend that you review a consumer guide published by the Missouri Bar Association concerning financial powers of attorney: Missouri Bar publication.
|
DISCLAIMER
The above is provided for informational purposes only and is NOT to be relied upon as legal advice. No attorney-client relationship is established by use of our online legal forms system. THESE FORMS ARE SOLD ON AN "AS IS" BASIS WITH NO WARRANTIES OR GUARANTIES.
|
|
|
 |
|
 |
or 
