Description of General Durable Power of Attorney for Property and Finances
This legal document allows you, the principal, to designate another person, known as your agent, to manage your financial affairs and property. The authority granted to your agent remains effective even if you become incapacitated or unable to make decisions. However, this document does not allow your agent to make healthcare decisions on your behalf.
When this form typically applies
This form is useful in various situations, including:
- When you want someone to handle your financial matters while you are unavailable.
- If you are traveling or living abroad and need someone to manage your property.
- In case of illness or disability that prevents you from making decisions about your finances.
Who can benefit from General Durable Power of Attorney for Property and Finances
This form is intended for individuals who:
- Want to ensure their financial affairs are managed by a trusted person.
- Are preparing for potential incapacity and wish to designate an agent.
- Need to appoint someone to act on their behalf regarding property and financial matters.
What the form includes
The form includes several important sections:
- Designation of Agent: Names the person authorized to act on your behalf.
- Successor Agents: Allows you to name alternate agents in case the primary agent cannot serve.
- Grant of General Authority: Specifies the areas in which your agent can act, such as managing real estate, handling bank accounts, and dealing with taxes.
- Grant of Specific Authority: Lists specific actions your agent may not take unless you explicitly allow them.
- Special Instructions: Provides space for any additional directives you wish to include.
Instructions for General Durable Power of Attorney for Property and Finances
Follow these steps to fill out the form:
- Identify the parties: Fill in your name as the principal and the name of your chosen agent.
- Designate a successor agent: Optionally, provide names and contact information for one or two successor agents.
- Grant authority: Initial next to the areas where you want your agent to have authority, or select "All Preceding Subjects" for full authority.
- Specify limitations: If there are specific actions you want to restrict, initial those items in the Grant of Specific Authority section.
- Provide special instructions: Use this section for any additional details or instructions you want to include.
- Sign and date: Sign the document in the presence of a notary public to validate it.
Requirements that vary by state
This form adheres to the regulations outlined in the Uniform Power of Attorney Act specific to Wyoming. It is crucial to ensure that the document is signed in front of a notary public to comply with state laws, which may vary in terms of witnessing and notarization requirements.
Advantages of using this form online
Accessing this legal form online offers several advantages:
- Convenience: Download and complete the form at your own pace from anywhere.
- Editability: Easily modify the document to suit your specific needs before printing.
- Legal reliability: The form is drafted by licensed attorneys, ensuring it meets legal standards.
