Overview of General Durable Power of Attorney for Property and Finances
This document allows a person, known as the principal, to authorize another individual, referred to as the agent, to manage their financial and property-related decisions. It remains effective even if the principal becomes incapacitated. This form does not allow the agent to make healthcare decisions on behalf of the principal.
When to use this form
This form is useful in various situations, including:
- If you want someone to manage your finances while you are unable to do so.
- When you are planning for potential future incapacity.
- If you need assistance with property management or financial transactions.
- To ensure your financial matters are handled according to your wishes in your absence.
Who should consider General Durable Power of Attorney for Property and Finances
This form is intended for individuals who wish to designate someone they trust to handle their financial affairs. It is suitable for:
- Adults planning for potential incapacity.
- Individuals managing complex financial situations.
- Anyone who wants to ensure their financial interests are protected.
Essential elements of the form
The form includes several important sections:
- Designation of Agent: Names the individual authorized to act on behalf of the principal.
- General Authority: Lists the types of financial matters the agent can manage.
- Specific Authority: Allows the principal to restrict certain powers unless specified.
- Successor Agents: Provides options for naming alternate agents if the primary agent is unable to serve.
- Special Instructions: Offers space for any additional directives from the principal.
How to complete General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the parties: Enter your name as the principal and the name of your chosen agent.
- Designate a successor agent: If desired, name one or two successor agents who can act if the primary agent is unavailable.
- Grant general authority: Initial next to the financial matters you wish to grant your agent authority over.
- Specify any limitations: If there are specific actions the agent cannot take, initial those items in the specific authority section.
- Add special instructions: Use this section to clarify any additional wishes or conditions.
- Sign and date the form: Complete the document by signing it in the presence of a notary, if required.
What changes based on your state
This form complies with Utah's Uniform Power of Attorney Act, which outlines the legal framework for powers of attorney in the state. It is essential to ensure that the form meets any additional local requirements, such as notarization, to be considered valid.
Advantages of using this form online
Accessing this form online offers several advantages:
- Convenience: Download and complete the form at your own pace from anywhere.
- Editability: Easily make changes and ensure all information is accurate before finalizing.
- Legal reliability: The form is drafted by licensed attorneys, ensuring it meets legal standards.
