Description of General Durable Power of Attorney for Property and Finances
This document allows you to designate an agent to manage your financial and property matters on your behalf. It remains effective even if you become incapacitated or unable to make decisions. This power of attorney does not cover medical or healthcare decisions, which require a separate document.
When to consider using this form
This form is useful in various situations, including:
- When you want someone to handle your financial affairs if you become unable to do so.
- If you are traveling or living abroad and need someone to manage your property transactions.
- During a period of illness or hospitalization, where you may not be able to make decisions.
- When you wish to ensure your financial matters are managed according to your wishes in your absence.
Intended audience of General Durable Power of Attorney for Property and Finances
This form is intended for individuals who:
- Want to appoint a trusted person to manage their financial affairs.
- Are concerned about future incapacity and wish to prepare in advance.
- Have significant assets or property that may require management.
Essential elements of the form
The form includes several important sections:
- Principal Information: Your name and address as the person granting authority.
- Agent Information: The name and address of the person you designate as your agent.
- Powers Granted: A detailed list of the powers you grant to your agent, including financial transactions and property management.
- Specific Authority: Optional sections where you can limit or specify certain powers.
- Signatures and Witnesses: Required signatures of the principal and witnesses to validate the document.
Instructions for completing the General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the Parties: Enter your full name and address as the principal, and the name and address of your chosen agent.
- Grant Powers: Review the powers you wish to grant your agent. You can choose to grant broad authority or specify limitations.
- Initial Specific Authorities: If you want to grant specific powers, initial next to each authority you wish to allow.
- Sign and Date: Sign the document in the presence of witnesses, and ensure they also sign to confirm your identity and sound mind.
- Notarization (if required): Consider having the document notarized to enhance its validity.
Laws and rules by location
This power of attorney is governed by Tennessee law. It must be executed in accordance with state regulations, which include having witnesses and possibly notarization. Ensure that the document meets all local legal requirements to be enforceable.
What makes the online version easier to use
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace, from anywhere.
- Editability: Easily make changes to the document before finalizing it.
- Legal Reliability: The form is drafted by licensed attorneys, ensuring it meets legal standards.
- Immediate Access: Obtain the form instantly without waiting for delivery.
