A power of attorney (POA) is a legal document that allows you (the “principal”) to appoint any individual (the “agent” or “attorney-in-fact”) to manage your financial affairs.
Power of Attorney Sample
Below is a generic power of attorney sample.
STATE OF ___________________ IMPORTANT INFORMATION This power of attorney authorizes another person (your agent) to make decisions concerning your property for you (the principal). Your agent will be able to make decisions and act with respect to your property (including your money) whether or not you are able to act for yourself. This power of attorney does not authorize the agent to make medical and health care decisions for you. You should select someone you trust to serve as your agent. Unless you specify otherwise, generally the agent’s authority will continue until you die or revoke the power of attorney or the agent resigns or is unable to act for you. Your agent is entitled to reasonable compensation unless you state otherwise in the Special Instructions. This form provides for designation of one agent. If you wish to name more than one agent you may name a co-agent in the Special Instructions. Co-agents are not required to act together unless you include that requirement in the Special Instructions. If your agent is unable or unwilling to act for you, your power of attorney will end unless you have named a successor agent. You may also name a second successor agent. This power of attorney becomes effective immediately unless you state otherwise in the Special Instructions. If you have questions about the power of attorney or the authority you are granting to your agent, you should seek legal advice before signing this form. DESIGNATION OF AGENT I, _______________[name of principal] of _______________[street address, city, state, zip code of principal], authorize _______________[name of agent] of _______________[street address, city, state, zip code of agent], as my agent (attorney-in-fact) to act for me and in my name and for my use and benefit. If my agent is unable or unwilling to act for me, I name _______________[name of successor agent] of _______________[street address, city, state, zip code of successor agent] as my successor agent. GRANT OF GENERAL AUTHORITY I grant my agent and any successor agent general authority to act for me with respect to the following subjects: INITIAL each subject you want to include in the agent’s general authority. INITIAL the line in front of “(N) All Preceding Subjects” if you wish to grant general authority over all of the subjects instead of initialing each subject. _____ (A) Real property _____ (B) Tangible personal property _____ (C) Stocks and bonds _____ (D) Commodities and options _____ (E) Banks and Other Financial Institutions _____ (F) Operation of Entity or Business _____ (G) Insurance and Annuities _____ (H) Estates, Trusts, and Other Beneficiary Interests _____ (I) Claims and Litigation _____ (J) Personal and Family Maintenance _____ (K) Benefits from Governmental Programs or Civil or Military Service _____ (L) Retirement Plans _____ (M) Taxes _____ (N) All Preceding Subjects GRANT OF SPECIFIC AUTHORITY (OPTIONAL) My agent may not do any of the following specific acts for me unless I have INITIALED the specific authority listed below: CAUTION: Granting any of the following will give your agent the authority to take actions that could significantly reduce your property or change how your property is distributed at your death. INITIAL only the specific authority you want to give your agent. _____ (A) Create, amend, revoke, or terminate an inter vivos trust _____ (B) Make a gift _____ (C) Create or change rights of survivorship _____ (D) Create or change a beneficiary designation _____ (E) Authorize another person to exercise the authority granted under this power of attorney _____ (F) Waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan _____ (G) Exercise fiduciary powers that the principal has authority to delegate LIMITATION ON AGENT’S AUTHORITY An agent that is not my ancestor, spouse, or descendant may not use my property to benefit the agent or a person to whom the agent owes an obligation of support unless I have included that authority in the Special Instructions. SPECIAL INSTRUCTIONS (OPTIONAL) You may give special instructions on the following lines: ____________________________________________________________________________________________________________________________________________________________ EFFECTIVE DATE This power of attorney is effective immediately unless I have stated otherwise in the Special Instructions. NOMINATION OF GUARDIAN (OPTIONAL) If it becomes necessary for a court to appoint a guardian of my estate or my person, I nominate the following person(s) for appointment: Name of Nominee for guardian of my estate: _________________________________________ Nominee’s Address: _____________________________________________________________ Nominee’s Telephone Number: ____________________________________________________ Name of Nominee for guardian of my person: ________________________________________ Nominee’s Address: _____________________________________________________________ Nominee’s Telephone Number: ____________________________________________________ RELIANCE ON THIS POWER OF ATTORNEY Any person, including my agent, may rely upon the validity of this power of attorney or a copy of it unless that person knows it has terminated or is invalid. SIGNATURE AND ACKNOWLEDGMENT OF PRINCIPAL ____________________________________ _______________ Signature of Principal Date ____________________________________ Name Printed ____________________________________ ____________________________________ Address ____________________________________ Telephone Number State/Commonwealth of ________________ County of ____________________________ On this _____ day of _______________, 20___, before me, __________________________, personally appeared _________________________________, personally known to me or who proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to this instrument and acknowledged to me that he/she executed the same and that by his/her signature on this instrument the person executed this instrument. _____________________________________ (Seal, if any) Signature of Notary My commission expires: _________________Power of Attorney
Power of attorney laws vary by state. So, you need to download the power of attorney form specific to your state.
Power of Attorney Forms by State
To get the power of attorney template valid in your state, click the state that you live in.
If you’re not sure how to fill out your template, use our POA form builder instead. The builder asks you a few simple questions and uses your answers to create a POA customized to your needs.
All About POA
What Is a Power of Attorney (POA)?
A power of attorney (POA) is a document using which you (“principal”) can legally empower one or more individuals (“agents” or “attorneys-in-fact”) to conduct your financial affairs.
What Are the Types of Powers of Attorney?
The most common types of power of attorney are:
- Durable Power of Attorney
- Medical Power of Attorney
- General (Financial) Power of Attorney
- Limited Power of Attorney
- Springing Power of Attorney
The type of power of attorney you need depends on what the POA is for and when the POA is effective. For example,
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- If you wish for the agent to retain their powers even when you become incapacitated, you’ll need a durable power of attorney.
- If you want the powers to go into effect on a future date, you’ll need a springing power of attorney.
Where and How Can I Get a Power of Attorney?
You can get a power of attorney form from:
- your state government offices or websites (e.g., the Department of Health Services)
- your lawyer
- our selection of state-specific power of attorney forms
- our power of attorney form builder
No matter where you get the form, you need to do the following for a POA to be valid:
- Identify who will act on your behalf — You must identify your agent by name in the POA document. The agent may also need to sign the POA, depending on the state.
- Define what the power of attorney is for — Your POA needs to state what general (broad) or specific (e.g., managing your bank accounts, selling personal property) authority you give the agent. This is called the “grant of authority”.
- Decide when the agent can act on your behalf — Clarify when you wish the agent to start (and stop) acting on your behalf.
- Arrange for witnesses and a notary — Depending on the state, the POA may need to be signed by up to 2 witnesses and/or a notary.
How Do I Revoke a Power of Attorney?
You can revoke a power of attorney at any time (as long as you are legally competent) by:
- preparing a revocation of power of attorney
- destroying the POA document (and its copies) that you wish to revoke
- following any termination procedures mentioned in the POA document
You should also notify banks, businesses, and other institutions affected by the revocation.
Does a Power of Attorney Expire?
You can set the expiration date or event in the POA document. If an expiration date or event is not set, the power of attorney expires when:
- the principal dies
- the principal becomes incapacitated (unless the POA is durable)
- the agent dies or is declared legally incompetent and no alternate agent is named in the POA
What Happens to a Power of Attorney After the Death of a Principal?
All powers of attorney become invalid when the principal dies. At that point, a last will and testament becomes effective.
Can a Power of Attorney Change a Will?
No, a power of attorney (the document itself or the agent) cannot modify a last will and testament.
Can a Power of Attorney be Changed Without Consent?
No, a power of attorney cannot be changed without the consent of the principal.
Does a Power of Attorney Need to be Notarized?
A power of attorney may need to be notarized, depending on the state.
