Financial Durable Power of Attorney
KNOW ALL MEN BY THESE PRESENTS, that
____________________________________________ (Principal) has
made, constituted and appointed, and by these presents does make,
constitute and appoint
____________________________________________ (Agent), as true
and lawful attorney for Principal and in the name, place and stead of
Principal, to make financial decisions for Principal, if and when Principal
is incapacitated or incompetent, as certified by one or more physicians or
psychiatrists.
If Agent listed above is not available, not willing or is unable to act as my
Agent, then I appoint the following person(s) to serve, in the order listed
below:
____________________________________________ (Agent),
____________________________________________ (Agent),
When in effect, this Power is given to enable the Agent to hold and
administer all of the assets of the Principal, both real estate and personal
property, and this Power includes the right to perform all of the following
functions: To purchase flower bonds; to form corporations and other
entities; to reorganize corporations and other entities of which Principal is
a stockholder, member or other party; to purchase, cancel or renew life,
health, long term care or other insurance or annuities without the
necessity of seeking court approval; to allow the Agent to make tax-free
gifts of the Principal's assets; to authorize the Agent to claim or disclaim
property interests which the Principal may be entitled to receive; to fund
revocable trusts of which the Principal is trustor or settlor; to buy and sell
and transfer real estate, securities and other investments or property;
and to do all other acts which the Agent deems to be in the best interest
of the Principal, including, but not limited to, the following:
1. The Agent is specifically given the power to perform all of the tasks
which the Principal would perform for and on behalf of the Principal and
in addition thereto the Agent is given the power to act as Guardian for the
Principal and the Principal hereby appoints the Agent as Guardian for the
Principal during times when the Principal is incapable of acting.
2. Agent is specifically given the power to manage the financial affairs of
the Principal, including managing real estate, investments, bank
accounts, retirement accounts, records, personal property, collecting
income and benefits, selling of assets required to meet additional
expenses of the Principal, and reinvesting income and proceeds received
from investments.
3. Agent is specifically given the power to pay bills and other obligations
of Principal, and to pay those bills on a current basis. Agent is given
authority to borrow money in order to meet obligations rather than
liquidate assets at depressed prices. Agent is specifically given the
power to borrow from banks and insurance companies or other sources
as needed.
4. Agent is specifically given authority to operate, continue, dissolve,
merge or sell any business that the Principal may own, and to use all
assets that may be necessary to fulfill this decision, even those assets
not previously committed to the business.
5. Agent is specifically given authority to create trusts and to manage
Principal's security holdings, and to employ or discharge professional
financial advisors and managers if the Agent believes this to be
important. Agent is authorized to transfer securities to the trustee for
continued management in the trust. Agent is further given authority to
withdraw assets from the trust to meet the needs of the Principal.
Securities and other investments shall be managed in a prudent manner.
If income is needed, investments should emphasize income generation.
In addition, Agent is given the authority to transfer assets from the
Principal's name to any revocable living trust that Principal may have
established during Principal's life.
6. Agent is specifically given authority to commence any litigation for and
on behalf of Principal or to continue any litigation for and on behalf of
Principal. Agent is specifically given the power to prosecute or defend
claims, including the right to settle matters and grant releases. Agent is
specifically given the authority to employ or discharge attorneys and to
make binding arrangements on behalf of Principal.
7. Agent is specifically given the authority for filing tax returns and
handling all other matters related to the Principal's taxes, including
handling tax disputes with the Internal Revenue Service. Agent is given
specific authority to represent the Principal in tax matters including the
right to sign Internal Revenue Service Power of Attorney, Form 2848.
8. Agent shall keep a record of all financial decisions and transactions
made. Agent shall be entitled to receive reasonable compensation of
$________ per hour for services rendered.
9. Agent shall be authorized to see and copy any books, records, files,
and papers of the Principal, including any will, trust, other estate planning
documents, insurance policies and annuities.
The Principal exonerates the Agent from liability for all non-negligent acts
of the Agent.
This Financial Power of Attorney shall take effect if Principal is
incapacitated or incompetent, as certified by one or more physicians or
psychiatrists, and shall be durable and remain in effect while Principal
remains incapacitated or incompetent, or until revoked. Upon execution
of this Financial Power of Attorney, any Financial Power of Attorney
previously executed by Principal shall be revoked. All acts done by
Agent pursuant to the powers conferred herein, during any period of
incapacity or incompetence, shall have the same effect and inure to the
benefit of and bind the Principal or his/her heirs, devisees and Personal
Representative, as if the Principal was competent and not incapacitated;
GIVING AND GRANTING unto said Agent full power and authority to do
and perform all and every act and thing whatsoever requisite and
necessary to be done, as fully to all intents and purposes as the Principal
might or could do if personally present and able; hereby ratifying and
confirming all that said Agent shall lawfully do or cause to be done by
virtue of these presents.
