Fillable Form Financial Power of Attorney

What is a Financial Power of Attorney?

A Durable Financial Power of Attorney, or simply Financial Power of Attorney, is a legal document used to appoint someone else, called the agent or attorney-in-fact, to manage your finances and properties in case you become incapacitated to do so.

As principal, you have the right to set limits to your attorney-in-fact’s power through this document. You can grant as much or as little power, whichever you think is appropriate. Some of the powers you can appoint your attorney-in-fact include, but are not limited to, the following:

• Payment of taxes
• Payment of bills
• Management of real estate assets
• Investment on your behalf
• Operation of your business
• Access to your financial accounts

Most Financial POAs are simple forms, but they must be notarized before a notary public to be effective. You may download a PDF copy of the Financial POA here on PDFRun for your convenience.

How to fill out a Financial Power of Attorney?

The POA is required to be filled out by the principal. You must provide the following information to have a valid Financial POA.

Date

Enter the date you filled out this form.

Name of the Principal

Enter the name of the principal.

Address of Principal

Enter the complete address and the state where the principal lives.

Name of Attorney-in-Fact

Enter the name of the designated attorney-in-fact.

Address of Attorney-in-Fact

Enter the complete address and the state where the designated attorney-in-fact lives.

Note that the abovementioned fields consist of the first part of the Financial POA.

Effective Date

This section states when the Financial Power of Attorney shall be effective.

Mark the appropriate box using your initials to determine the powers you are granting your attorney-in-fact. You may select:

• A. I grant my attorney-in-fact the powers set forth herein immediately upon the execution of this document. These powers shall not be affected by any subsequent disability or incapacity I may experience in the future.
• B. I grant my attorney-in-fact the powers set forth herein only when it has been determined in writing, by my attending physician, that I am unable to properly handle my financial affairs.

If you want to grant your attorney-in-fact immediately without affecting any disability or incapacity you may have in the future, mark option A using your initials. If you cannot properly handle your financial affairs and want to designate your attorney-in-fact to do this instead, mark choice B using your initials.

Powers of Attorney-In-Fact

This section determines what powers your attorney-in-fact shall exercise upon execution of this document.

Mark the appropriate box to determine the powers you want to grant to your attorney-in-fact. You may select:

• Banking
• Safe Deposit Box
• Lending or Borrowing
• Government Benefits
• Retirement Plan
• Taxes
• Insurance
• Real Estate
• Personal Property
• Power to Manage Property
• Gifts
• Legal Advice and Proceedings

“Banking” powers mean that the attorney-in-fact has the power to receive and deposit funds to any financial institution and to withdraw the funds to pay for goods, services, and other personal or business expenses for the principal’s benefit.

“Safe Deposit Box” allows the attorney-in-fact to have access to, remove contents, surrender, or relinquish the safe-deposit box rented by the principal at any time.

“Lending or Borrowing” allows the attorney-in-fact to make loans or borrow money under the principal’s name.

“Government Benefits” means that the attorney-in-fact may apply for and receive any government benefits for which the principal is eligible.

“Retirement Plan” means that the attorney-in-fact can contribute to, select payment option of, roll-over, and receive benefits of any retirement plan or IRA the principal owns. However, the attorney-in-fact shall not have the power to change the beneficiary of any of the principal’s retirement plans or IRA.

“Taxes” powers allow the attorney-in-fact to complete and sign local, state, and federal tax returns, pay taxes, receive credits and refunds owed to the principal, and sign any tax agency documents.

“Insurance” powers allow the attorney-in-fact to purchase, pay premiums, and make claims on any insurance on the principal’s behalf. The attorney-in-fact, however, shall not have the power to cash in or change the beneficiary of the principal’s life insurance policy.

“Real Estate” powers allow the attorney-in-fact to purchase, acquire, exchange, lease, grant options to sell, sell and convey real property on the principal’s behalf.

“Personal Property” powers allow the attorney-in-fact to acquire, purchase, lease, grant options to sell, sell and convey personal property on the principal’s behalf.

“Power to Manage Property” powers allow the attorney-in-fact to maintain, repair, improve, invest, manage, insure, rent, lease, encumber, and deal with any real or personal property that the principal owns.

“Gifts” mean that the attorney-in-fact is allowed to make gifts, grants, or other transfers on the principal’s behalf.

“Legal Advice and Proceedings” allows the attorney-in-fact to obtain and pay for legal advice, to initiate or defend legal and administrative proceedings on the principal’s behalf. This power also includes actions against third parties who refuse to honor this instrument without cause.

Special Instructions

Enter any special instructions limiting or extending the powers you are granting to your attorney-in-fact. If you don’t want to enter any additional information, write “None.”

Authority of Attorney-in-Fact

This section states that any party dealing with the principal’s attorney-in-fact may rely on the authority granted to the attorney-in-fact in the POA.

Liability of Attorney-in-Fact

This section explains that the acts of attorney-in-fact shall not incur liability to the principal under the powers bestowed upon him except for a breach of fiduciary duty.

Reimbursement of Attorney-in-Fact

This section explains that the attorney-in-fact is entitled to reimbursement for any expenses incurred while exercising his powers, and to reasonable compensation for his services.

State Law

Choose from the drop-down list the state where the power of attorney shall be governed.

Photocopies

This section explains that photocopies of the Financial POA shall be considered as original copies.

In Witness Whereof

Enter the date the Finacial POA is executed.

Principal’s Signature Over Printed Name

Enter your printed name, and affix your signature over your printed name.

Witness’s Signature Over Printed Name

There must be two witnesses signing the form. This section states that the witnesses declare in the presence of the principal that the principal signed and executed the POA in their presence.

Have the witness enter their printed name, and affix their signatures over their printed name.

Address

Enter the addresses of the witnesses.

Specimen Signature and Acceptance of Appointment

This section signifies the acceptance of the appointment of your attorney-in-fact.

Name of Attorney-in-Fact

Enter the name of your attorney-in-fact.

Attorney-in-Fact Signature

Affix the signature of your attorney-in-fact.