Summary of General Durable Power of Attorney for Property and Finances
This document is a legal instrument that allows an individual, known as the principal, to designate another person, called the agent, to manage their financial affairs and property. The powers granted to the agent remain effective even if the principal becomes incapacitated or disabled. This form does not cover medical or healthcare decisions, which require a separate document.
Common use cases
This form is useful in various situations, including:
- When planning for potential future incapacity due to illness or injury.
- When needing someone to handle financial transactions while you are unavailable.
- When managing property or financial matters during travel or extended absences.
Who should consider General Durable Power of Attorney for Property and Finances
This form is intended for individuals who wish to appoint an agent to handle their financial matters. It is suitable for:
- Adults planning for future incapacity.
- Individuals who travel frequently and need someone to manage their finances.
- Those who want to ensure their financial affairs are managed according to their wishes.
Required parts of the form
The main sections of this power of attorney include:
- Principal and Agent Information: Names and addresses of both parties.
- Grant of Powers: Detailed list of powers granted to the agent, including managing property, handling banking transactions, and conducting business affairs.
- Limitations on Authority: Specific actions the agent cannot take without express permission from the principal.
- Revocation Clause: Instructions on how the principal can revoke the power of attorney.
- Signature and Notary Section: Areas for the principal's signature and notarization to validate the document.
How to prepare the General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the Principal: Fill in your complete name and address as the principal.
- Designate the Agent: Enter the name and address of the person you are appointing as your agent.
- Grant Powers: Review and check the specific powers you wish to grant your agent. Ensure you understand each one.
- Include Limitations: If applicable, specify any limitations on the agent's authority in the designated section.
- Sign and Notarize: Sign the document in the presence of a notary public to finalize it legally.
How state laws may affect this form
This form complies with Washington state laws regarding powers of attorney. It includes specific clauses that reflect state requirements, such as the need for notarization and the stipulation that the powers remain effective even if the principal becomes incapacitated.
Why many users choose the online option
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 as needed before finalizing.
- Legal Reliability: Ensure you are using a current and compliant form drafted by licensed attorneys.
