LEGALDOCS - Financial Durable Power of Attorney
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This is an example of a completed Financial Durable Power of Attorney.
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TO OBTAIN AND PRINT THIS DOCUMENT. You can proceed with the Questionnaire,
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which areas, minimally, should be covered, and will let you see if the subject
matters important to you are covered in the Financial Durable Power of Attorney
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With modern medicine and its ability to prolong life, there often exists a period of mental incapacity due to accident or illness prior to death. In the event of your disability due to accident or illness, the holder of a financial power of attorney can handle your financial affairs. This person is called an Attorney-in-Fact. This prevents the need for a court-appointed conservatorship to be established, saving time and money for you and your estate. The powers granted to the Attorney-in-Fact are drafted to allow him or her to do virtually all acts you would be capable of doing if you were not incapacitated. (You can cross out and initial any powers you think may be excessive)
To complete your Financial Durable Power of Attorney, fill out this form.
Naming the Parties to this Agreement
Please enter the following information about the person who is granting the Power of Attorney and the person who will act as the Attorney-in-Fact.
Enter the name and address of the person who is granting the Power of Attorney (the "Principal").
The person named as Attorney-in-Fact is usually a spouse, an adult son or daughter, or trusted friend. It is good practice to name an alternate Attorney-in-Fact in the event the first named person, i.e. the spouse, is not able or unwilling to fulfill the duties required. Type the full name of your Attorney-in-Fact, as opposed to "my daughter", "my brother", etc.
The first person nominated to act as the Attorney-in-Fact for Financial Matters in the event the Principal becomes incapacitated is . In the event this first named person is unwilling or unable to act as Attorney in Fact for Financial Matters for any reason, is nominated as Attorney in Fact for Financial Matters. (If you fail to name a second person, the final document will state that no successor has been appointed.)
Place of Signing of Document
Many banks, other financial institutions, title insurance companies, etc., will not honor a Durable Power of Attorney unless they are certain of the genuineness of your signature. Any Power of Attorney which deals with the transfer of real estate also must be notarized because the Power of Attorney needs to be recorded along with the transfer documents. Therefore, it is recommended that this document be notarized - otherwise your Power of Attorney may not be honored when you need it most; i.e., when you are incapacitated due to injury or sickness. The Durable Power of Attorney does not have to be recorded now, only notarized so it can be recorded later if needed.
This completes the information input for your Financial Durable Power of Attorney. When you Send this Form, this program will prepare a Summary of the Financial Durable Power of Attorney for your review. Make sure that all facts stated in the Summary are correct in all respects.
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