Estate Planning Power of Attorney
This Power of Attorney is entrusted on [DATE], by and between [YOUR NAME], residing at [YOUR COMPANY ADDRESS], hereinafter known as the “Principal”, and [AGENT'S NAME] residing at [AGENT'S ADDRESS], hereinafter known as the “Attorney-in-Fact”.
I. Purpose
This document serves as a legal instrument granting authority to an appointed individual (hereinafter referred to as the "agent" or "attorney-in-fact") to act on behalf of the principal in managing financial affairs and making decisions in the event of incapacity or unavailability of the principal.
II. Roles and Responsibilities Transferred to the Agent
Financial Management: The agent shall have the authority to manage, invest, and make decisions regarding all financial assets and accounts owned by the principal, including but not limited to bank accounts, stocks, bonds, real estate properties, and retirement accounts.
Bill Payment and Expense Management: The agent is authorized to pay bills, taxes, and other financial obligations on behalf of the principal, utilizing the principal's assets and funds as necessary for the maintenance and well-being of the Principal.
Legal and Business Affairs: The agent shall represent the principal in legal and business matters, including signing contracts, initiating or defending legal actions, and managing business interests owned by the principal, to safeguard the principal's interests and assets.
Healthcare and Insurance Management: In the event of incapacity, the agent may access and make decisions regarding the principal's healthcare treatment options, including consenting to or refusing medical procedures, and managing health insurance coverage and claims.
Estate Planning and Distribution: The agent shall execute the principal's wishes concerning the distribution of assets upon death, including but not limited to making gifts, creating or amending trusts, and executing documents necessary for the transfer of property.
Property Matters: The agent is authorized to manage, lease, mortgage, sell, convey, and otherwise deal with any real estate or tangible personal property owned by the principal, including but not limited to executing deeds, leases, and other legal documents about such property.
Banking: The agent shall have the authority to open, close, and manage bank accounts, including checking, savings, and investment accounts, in the name of the principal. This includes the authority to deposit and withdraw funds, write checks, and conduct other banking transactions on behalf of the principal.
III. Effective and Termination Date
This Power of Attorney shall become effective immediately upon execution and shall remain in full force and effect until terminated by the principal or by operation of law. The principal reserves the right to revoke or amend this Power of Attorney at any time by providing written notice to the agent and any relevant third parties.
IV. Signature Section
The Agent accepts the responsibilities outlined in this Power of Attorney and agrees to act in the best interests of the Principal.
Principal:
[YOUR NAME]
Agent:
[AGENT'S NAME]
WITNESS ACKNOWLEDGEMENT
We, the undersigned witnesses, hereby acknowledge that the above-named Principal has signed this Power of Attorney in our presence on the date stated above.
Witness 1:
[Witness 1 full name]
[Date]
Witness 2:
[Witness 2 full name]
[Date]
NOTARY ACKNOWLEDGEMENT
On this day of in the year , before me, a Notary Public in and for said County and State, personally appeared [Your Name], known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
Witness my hand and official seal.
[Notary Public's Name]
My Commission Expires:
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