General Durable Power of Attorney
Effective Upon Execution
I, [Name] a [married / unmarried][man / woman] who resides at [address, city, county, state], designate [Attorney-In-Fact’s Name] as my attorney in fact (the agent) to act for me, if I should become disabled or legally incapacitated. This document shall become effective upon the date of my disability or legal incapacity and shall not otherwise be affected by my disability or legal incapacity.- Authority to Act. This power of attorney is effective upon
my disability or legal incapacity. My agent is authorized to act as indicated
below in my name, place and stead in any way which I myself could do if I were
personally present, to the full extent that I am permitted by law to act through
an agent.
- Powers of Agent. The Agent shall have the full power and
authority to manage and conduct all of my affairs, and to exercise my legal
rights and powers, including those rights and powers that I may acquire in the
future, including the following:
- Collect and Manage. To collect, hold, maintain, improve, invest, lease, or
otherwise manage any or all of my real or personal property or any interest
therein;
- Buy and Sell. To purchase, sell, mortgage, grant options, or otherwise deal
in any way in any real property or personal property, tangible or intangible, or
any interest therein, upon such terms as the Agent considers proper, including
the power to buy United States Treasury Bonds that may be redeemed at par to pay
federal estate tax and to sell or transfer Treasury securities;
- Borrow. To borrow money, to execute promissory notes for borrowed money, and
to secure any obligation by mortgage or pledge.
- Business and Banking. To conduct and participate in any kind of lawful
business of any nature or kind, including the right to sign partnership
agreements, continue, reorganize, merge, consolidate, recapitalize, close,
liquidate, sell, or dissolve any business and to vote stock, including the
exercise of any stock options and the carrying out of any buy sell agreement; to
receive and endorse checks and other negotiable paper, deposit and withdraw
funds (by check or withdrawal slips) that I now have on deposit or to which I
may be entitled in the future in or from any bank, savings and loan, or other
institution;
- Tax Returns and Reports. To prepare, sign, and file separate or joint
income, gift, and other tax returns and other governmental reports and
documents; to consent to any gift; to file any claim for tax refund; and to
represent me in all matters before the Internal Revenue Service;
- Safe Deposit Boxes. To have access to any safety deposit box registered in
my name alone or jointly with others, and to remove any property or papers
located therein;
- Proxy Rights. To act as my agent or proxy for any stocks, bonds, shares, or
other investments, rights, or interests I may now or hereafter hold;
- Legal and Administrative Proceedings. To engage in any administrative or
legal proceedings or lawsuits in connection with any matter herein;
- Transfers in Trust. To transfer any interest I may have in property, whether
real or personal, tangible or intangible, to the trustee of any trust that I
have created for my benefit;
- Delegation of Authority. To engage and dismiss agents, counsel, and
employees, in connection with any matter, upon such terms as my agent
determines;
- Other Matters.
_______________________________________________________
- Collect and Manage. To collect, hold, maintain, improve, invest, lease, or
otherwise manage any or all of my real or personal property or any interest
therein;
- Restrictions on Agent’s Powers. Regardless of the above statements, my agent:
- Cannot execute a will, a codicil, or any will substitute on my
behalf;
- Cannot change the beneficiary on any life insurance policy that I
own;
- Cannot make gifts on my behalf;
- Cannot exercise any powers that would cause assets of mine to be considered
taxable to my agent or to my agent’s estate for purposes of any income, estate,
or inheritance tax; and
- Cannot contravene any medical power of attorney I have executed whether
prior or subsequent to the execution of this Power of Attorney.
- Durability. The Agent shall be under no duty to act on my
behalf and shall incur no liability to me or to my estate for failing to take
any action under this power of attorney before receiving written notice from two
licensed physicians that, because of either disability or incapacity, I am
unable to attend to financial matters, in which case the agent shall immediately
begin to act for me.
- Reliance by Third Parties. Third parties may rely upon the
representations of the Agent as to all matters regarding powers granted to the
Agent. No person who acts in reliance on the representations of the Agent or the
authority granted under this Power of Attorney shall incur any liability to me
or to my estate for permitting the Agent to exercise any power prior to actual
knowledge that the Power of Attorney has been revoked or terminated by operation
of law or otherwise.
- Indemnification of Agent. No agent named or substituted in
this power shall incur any liability to me for acting or refraining from acting
under this power, except for such agent’s own misconduct or
negligence.
- Original Counterparts. Photocopies of this signed Power of
Attorney shall be treated as original counterparts.
- Revocation. I hereby revoke any previous Power of Attorney
that I may have given to deal with my property and affairs as set forth
herein.
- Compensation. The Agent shall be reimbursed for reasonable
expenses incurred while acting as Agent and may receive reasonable compensation
for acting as Agent.
- Substitute Agent. If [NAME] is, at any time, unable or
unwilling to act, I then appoint [NAME2], presently residing at [ADDRESS] as my
Agent to serve with the same powers.
- Appointment of Guardian or Conservator. In the event that a
court decides that it is necessary to appoint a guardian or conservator for me,
I hereby nominate [Name], presently residing at [Address], to be considered by
the court for appointment to serve as my guardian or conservator, or in any
similar representative capacity.
- Choice of Law. All questions concerning the validity and construction of this Durable Power of Attorney shall be determined under the laws of [State Name].
_______________________________
[NAME]
Signed in the presence of:
_______________________________
[NAME], Witness
_______________________________
[NAME], Witness
Notarization
State of ________________County of ________________
On [DATE], [NAME OF GRANTOR] appeared before me and proved to my satisfaction that [he/she] is the person whose name is subscribed to this Durable Power of Attorney, and acknowledged the due execution of the foregoing instrument.
____________________________________
[Notary's Name]
Notary Public, [COUNTY, STATE]
My commission expires ______________.
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