Power of Attorney Form
I. Introduction
This Power of Attorney is made and entered into on Month Day, Year, by and between Principal's Name, with a primary address at Principal's Address, and Agent's Name, residing at Agent's Address. The Principal appoints the Agent as their lawful Attorney-in-Fact to act on their behalf in matters specified in this Agreement. The authority granted to the Agent is intended to provide the Principal with the security of knowing their personal, financial, and legal matters will be handled with care. This Agreement is created with the understanding that the Agent will act in the best interest of the Principal in all decisions, subject to the terms and limitations outlined below.
II. Powers Granted
The Agent is granted the authority to act on behalf of the Principal in the following areas:
A. Financial Management
The Agent may:
Open, close, and manage bank accounts, including withdrawals, deposits, and transfers.
Pay bills, taxes, and manage any debts or liabilities of the Principal.
Manage investments, including buying, selling, or trading stocks, bonds, or other financial instruments.
Enter into or terminate contracts or other legal obligations related to financial matters.
B. Property Management
The Agent may:
Buy, sell, lease, or manage any real or personal property owned by the Principal.
Handle matters related to home maintenance, repairs, and property improvements.
Collect any rents, profits, or other income generated by property.
C. Healthcare Decisions
The Agent may:
Make decisions related to the medical treatment of the Principal, including but not limited to surgeries, medications, and hospitalizations.
Access medical records and communicate with healthcare providers on the Principal's behalf.
Consent to or refuse medical procedures, including life-sustaining treatments, subject to the Principal’s advance directives, if any.
D. Legal Affairs
The Agent may:
Initiate or defend any legal proceedings on behalf of the Principal.
Hire or dismiss attorneys or other legal counsel for matters involving the Principal.
Sign legal documents, contracts, and other binding agreements.
III. Limitations on Powers
The Agent shall not:
Make or modify the Principal’s last will and testament.
Delegate the powers granted under this Agreement to any third party unless expressly authorized in writing by the Principal.
Engage in any transaction that would personally benefit the Agent beyond their compensation for services rendered.
IV. Effective Date and Duration
A. Effective Date
This Power of Attorney shall become effective immediately upon execution.
B. Duration
This Power of Attorney shall remain in effect until the earliest of the following events:
The death of the Principal.
The Principal's written revocation of this Power of Attorney.
The incapacity of the Agent.
The occurrence of Event(s).
V. Compensation of Agent
The Agent shall be entitled to reimbursement for all reasonable expenses incurred while carrying out the duties under this Power of Attorney. This compensation may cover costs related to travel, legal counsel, or other incidental expenses necessary to complete the assigned tasks. The Agent shall be diligent in maintaining records of such expenses and submit them for reimbursement at appropriate intervals. While the Agent will not receive additional payment unless expressly stated, their service is understood to be in the best interest of the Principal.
VI. Revocation
The Principal reserves the right to revoke this Power of Attorney at any time. Such revocation must be delivered in writing to the Agent, clearly stating the intention to terminate the Agreement. The revocation will be effective immediately upon the Agent's receipt of this written notice. This ensures that the Principal retains control and can make decisions about their representation whenever necessary, without delay. The Principal is encouraged to provide any third parties with notice of the revocation to avoid any unintended reliance on the Agent's authority.
VII. Third Party Reliance
Any third party who receives a copy of this Power of Attorney is authorized to rely on the authority granted to the Agent. This reliance remains valid unless the third party is notified in writing by the Principal that the Power of Attorney has been revoked or limited. Third parties acting in good faith under the assumption of the Agent’s authority will be held harmless and not be liable for any actions taken. This clause ensures that transactions and actions completed by the Agent on behalf of the Principal are respected and upheld by those outside the relationship between the Principal and Agent.
VIII. Indemnification
The Principal agrees to indemnify and hold harmless the Agent from any and all claims, liabilities, damages, or expenses arising from the Agent's good faith actions taken under this Agreement, except in cases of gross negligence, fraud, or willful misconduct.
IX. Governing Law
This Power of Attorney is governed by and construed in accordance with the laws of the State Name. Any disputes or legal issues arising out of or related to this Agreement shall be subject to the jurisdiction of the courts located in State Name The parties acknowledge and agree that the laws of this state will be applied consistently and without regard to conflicts of law principles.
X. Signatures
IN WITNESS WHEREOF, the parties hereto have executed this Power of Attorney on the date first written above.
Principal
Name: Date: | Agent
Name: Date: |
Witness 1 Name: Date: | Witness 2 Name: Date: |
Power of Attorney Templates @ Template.net
Thank you for completing this form!
If you have any questions, please contact [Your Company Email].
Create free forms at
