Durable Power of Attorney
I, [Principal: full name], of [Principal: address] (the “Principal”), being of sound mind, make this Durable Power of Attorney (the “Power”) and appoint [Agent: full name], of [Agent: address], telephone [Agent: phone], as my agent and attorney-in-fact (the “Agent”) to act for me in my name and on my behalf in the matters described below. This Power is important. It gives my Agent broad authority over my property and finances, which my Agent must use only for my benefit. It does not authorise anyone to make health care decisions for me.
1. Successor Agent
If my Agent dies, resigns, becomes incapacitated, is no longer willing or able to serve, or is my spouse and our marriage is dissolved, I appoint [Successor agent: name (or “None”)], telephone [Successor agent: phone (or “None”)], as successor Agent with every power granted in this document. A successor may establish that the predecessor is unable to serve by a signed written declaration, and a third party may rely on that declaration without further inquiry. If no successor is named or able to serve, my Agent may, by signed writing, delegate authority under this Power to a person of my Agent’s choosing until a court appoints a guardian or conservator.
2. Effective Date
This Power becomes effective: [When the power takes effect]. If it becomes effective only on my incapacity, “incapacitated” means that a licensed physician who has examined me has certified in writing that I am unable to manage my property or financial affairs because of a physical or mental condition, or that I am missing, detained or outside the United States and unable to return. My Agent may obtain that certification and may present it, with this Power, to any third party. My Agent is authorised now to obtain the medical information needed to make that determination, and I intend my Agent to be my personal representative for that purpose under 45 CFR §164.502(g).
3. Durability
This Power is durable. It shall not be affected by my later disability, incapacity or lapse of time, and it shall continue in effect until my death or until I revoke it, whichever comes first. This Power is made under the Uniform Power of Attorney Act as enacted in the State of [Governing law (state)] or, if that state has not enacted it, under that state’s statute governing durable powers of attorney, and shall be interpreted accordingly.
4. Powers Granted
I grant my Agent authority over each of the following subjects marked “Granted”, and withhold authority over each marked “Not granted”. For each subject granted, my Agent may do everything I could do myself, including sign, deliver, record and enforce any document and receive and give receipts for any money or property.
(a) Real estate: [Real estate (buy, sell, lease, mortgage, manage)]. Buy, sell, exchange, lease, mortgage, refinance, partition, manage, insure and maintain any real property, sign and record deeds and other instruments, and deal with taxes, assessments and homeowners’ associations.
(b) Banking and financial institutions: [Banking and financial institutions]. Open, close and manage accounts of every kind, deposit and withdraw funds, sign and endorse checks and drafts, borrow, access safe deposit boxes, and conduct online banking.
(c) Stocks, bonds and investments: [Stocks, bonds and investments]. Buy, sell, hold and vote securities, manage brokerage accounts, and hire and pay investment advisers.
(d) Business operations: [Business operations]. Operate, manage, buy, sell or dissolve any business I own, exercise my rights as a partner, member or shareholder, and sign business documents.
(e) Insurance and annuities: [Insurance and annuities]. Buy, continue, change, borrow against, surrender and claim under policies of insurance and annuity contracts, other than changing a beneficiary in favour of my Agent.
(f) Retirement plans and government benefits: [Retirement plans and government benefits]. Deal with IRAs, 401(k) and other retirement plans, elect distributions and rollovers, and apply for, manage and appeal Social Security, Medicare, Medicaid, veterans’ and other benefits.
(g) Tax matters: [Tax matters]. Prepare, sign and file federal, state and local tax returns and forms for all years, receive refunds, represent me before taxing authorities, and sign IRS Form 2848 or its equivalent.
(h) Claims and litigation: [Claims and litigation]. Bring, defend, settle and compromise claims and lawsuits, and hire and pay attorneys.
(i) Personal and family maintenance: [Personal and family maintenance]. Pay for my and my dependants’ living expenses, housing, health care, education and travel, maintain my customary standard of living, and pay my debts.
(j) Digital assets and online accounts: [Digital assets and online accounts]. Access, manage, transfer and close my email, social media, cloud storage, subscription and other online accounts and the digital assets in them, including the content of electronic communications, to the extent permitted by law.
5. Gifts and Transactions Benefiting the Agent
My Agent’s authority to make gifts of my property is: [May the agent make gifts?]. Any gift may not exceed [Annual gift limit per recipient] per recipient in any calendar year unless a larger gift is expressly allowed in Section 6, and gifts shall be consistent with my estate plan and past pattern of giving to the extent known to my Agent. My Agent’s authority to benefit personally from a transaction with my property, including a gift to the Agent or the Agent’s dependants, is: [May the agent benefit personally from a transaction?]. Except as stated, my Agent may not create or change beneficiary designations, rights of survivorship or a trust, or waive my rights as a beneficiary of a joint and survivor annuity.
6. Special Instructions
The following instructions modify, limit or extend the powers above and control over any inconsistent provision: [Special instructions or limits (or “None”)].
7. Duties of the Agent
When my Agent acts, my Agent shall act in good faith, within the authority granted, and in my best interest; act loyally and avoid conflicts of interest that would impair my Agent’s ability to act in my interest; keep my property separate from the Agent’s own, except property jointly owned before this Power or as I direct; keep a record of all receipts, disbursements and transactions on my behalf and produce it to me, my successor Agent, my guardian or my personal representative on request; cooperate with any person who has authority to make health care decisions for me; and attempt to preserve my estate plan to the extent known and consistent with my interest. My Agent is not liable for a decline in the value of my property that is not caused by a breach of these duties.
8. Compensation and Reimbursement
My Agent is entitled to: [Agent compensation]. Reimbursement is for expenses reasonably incurred on my behalf, and compensation, where allowed, shall be reasonable in the circumstances and recorded in the Agent’s accounts.
9. Reliance by Third Parties
Any person, bank, brokerage, insurer, government agency or other third party may rely on this Power, or on a photocopy or electronically signed copy of it, and on my Agent’s signed certification that this Power is in effect and has not been revoked, without inquiry into the Agent’s authority. A third party that accepts this Power in good faith is released from liability to me and my estate for doing so. A third party may not require an additional or different form of power of attorney for authority granted here, and shall accept or reject this Power within a reasonable time; a third party that refuses it without a reason permitted by law is liable for the attorney fees and costs of any action to confirm its validity, as the Uniform Power of Attorney Act provides. I agree to indemnify any third party for claims arising from good-faith reliance on this Power.
10. Nomination of Guardian or Conservator
If a court ever needs to appoint a guardian or conservator of my estate, I nominate my Agent, and if my Agent is unable to serve, my successor Agent. This Power shall not be terminated by that appointment unless the court so orders.
11. Revocation of Prior Powers; Revocation of This Power
I revoke every prior general or durable power of attorney over my financial affairs, other than a limited power of attorney for a specific transaction or a power on a form supplied by a financial institution for a particular account. I may revoke this Power at any time by a signed and dated writing delivered to my Agent; revocation is effective as to a third party only when the third party has actual notice of it. If this Power has been recorded, the revocation shall be recorded in the same office. This Power terminates on my death, on revocation, or on the appointment of a conservator if the court so orders.
12. Governing Law; Severability; Copies
This Power is governed by the laws of the State of [Governing law (state)]. I intend it to be honoured in every state and country as a power validly executed under the law of that state or of my domicile. If any provision is held invalid, the remaining provisions shall be given full effect. A photocopy, scan or electronically signed copy of this Power is as effective as the original. This Power may be signed electronically, and the electronic execution record, timestamps and document fingerprints kept by the signing platform are evidence of execution; where the law of my state or a third party requires a notarial acknowledgment or wet-ink signatures, I intend to complete those formalities on a printed copy, and that copy shall be my Power.
13. Signature of Principal
I sign this Durable Power of Attorney on the date shown in the execution record, having read it and understood the authority it gives, freely and without duress or undue influence. I intend that it be acknowledged before a notary public on a printed copy where required.
14. Acceptance by Agent
I, [Agent: full name], accept appointment as Agent under this Power. I acknowledge that when I act as Agent I assume the fiduciary duties set out in Section 7 and imposed by law; that I must act only within the authority granted and in the Principal’s best interest; that I must keep the Principal’s property separate from my own and keep records; that I may be liable for a breach of those duties; and that I must disclose my status as Agent whenever I act, by signing in the form “[Principal: full name], by [Agent: full name], Agent” or a similar form. I will stop acting if the Principal revokes this Power or dies. I sign this acceptance on the date shown in the execution record.
15. Attestation of Witnesses
Each witness, by signing below, declares that: (1) the Principal is personally known to me or proved their identity to me by satisfactory evidence; (2) the Principal signed or acknowledged this Power in my presence and appeared to be of sound mind and under no duress, fraud or undue influence; (3) I am at least eighteen years of age; (4) I am not the Agent or successor Agent named in this Power, nor the spouse or child of either; and (5) I signed in the presence of the Principal.
First witness: [First witness: name], of [First witness: address]. Second witness: [Second witness: name], of [Second witness: address].
Signatures
Principal (the person giving the power) · Agent (attorney-in-fact) · First witness · Second witness