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Wills, Trusts, Power of Attorneys, and Living Wills A power of attorney grants to another person the power to conduct your financial affairs. It may become effective immediately, or upon a certification by your physician that you are unable to handle your financial affairs. Tom and Gene, as they get older, decide to appoint one another as General Power of Attorneys. Then, if something happens to one of them, the other can handle all the financial affairs. Perhaps they’re going on vacation, then they may appoint their daughter Sarah, if she is of age, to handle matters until they return. The Power of Attorney must be of legal age.
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l. Designation of Attorney-in-Fact I, Tom Sample, of Ourtown, Anystate, appoint Sarah Sample, my daughter, as my attorney-in-Fact. In the event my Attorney-in-Fact is unable or unwilling to serve for any reason or if my Attorney-in-Fact is currently my spouse and we become legally separated or our marriage is dissolved, I name Brother Ted Sample, as successor to my Attorney-in-Fact. The first step is to name a person as power of attorney. This person should have reached the age of majority. I hereby revoke any and all general powers of attorney that may have been previously executed by me, but specifically excepting any powers of attorney for health care decisions which I may have previously executed. If you want two people to be your power of attorney, you can do that in the paragraph above and state that they need to exercise this power jointly. 2.
Powers of Attorney-in-Fact.
My Attorney-in-Fact shall have full power and authority to manage
and conduct all of my affairs, with full power and authority to exercise
or perform any act, power, duty, right or obligation I now have or may
hereafter acquire the legal right, power and capacity to exercise or
perform. The power and
authority of my Attorney-in-Fact shall include, but not be limited to,
the power and authority:
A. To buy, acquire,
obtain, take or hold possession of any property or property rights and
to retain such property, whether income producing or non-income
producing:
B. To sell, convey,
lease, manage, care for, preserve, protect, insure, improve, control,
store, transport, maintain, repair, remodel, rebuild and in every way
deal in and with any of my property or property rights, now or hereafter
owned by me, and to establish and maintain reserves for improvements,
upkeep and obsolescence; to eject or remove tenants or other persons and
to recover possession of such property.
This includes the right to convey or encumber my homestead
legally described as on the attached legal description. If you want a person to have the power to sell your house, you must put in the legal description. If you change houses, you must put in the new legal description. Its an absolute must.
C. To pay debts; to
borrow money, mortgage and grant security interests in property; to
complete, extend, modify or renew any obligations, either secured,
unsecured, negotiable or non-negotiable, at a rate of interest and upon
terms satisfactory to my Attorney-in-Fact; to lend money, either with or
without collateral; to extend or secure credit; and to guarantee and
insure the performance and payment of obligations of another person or
entity;
D. To open, maintain
or close accounts, brokerage accounts, savings and checking accounts; to
purchase, renew or cash certificates of deposit; to conduct any business
with any banking or lending institution in regard to any of my accounts
or certificates of deposit; to write checks, make deposits, make
withdrawals and obtain bank statements, passbooks, drafts, money orders,
warrants, certificates or vouchers payable to me by any person or
entity, included the United States of America, and expressly including
the right to sell or cash U. S. Treasury Securities and Series E, EE and
H and HH bonds; You will note that this power of attorney has control over US Securities. You must have this part in to satisfy federal law.
E. To have full
access to any safety deposit boxes and their contents;
F. To pay all city,
county, state or federal taxes and to receive appropriate receipts
therefore; to prepare, execute, file and obtain from the government
income and other tax returns and other governmental reports,
applications, requests and documents; to take any appropriate action to
minimize, reduce or establish non-liability for taxes; to sue or take
appropriate action for refunds of same, to appear for me before the
internal Revenue Service or any other taxing authority in connection
with any matter involving federal, state or local taxes in which I may
be a party, giving my Attorney-in-Fact full power to do everything
necessary to be done and to receive refund checks; to execute waivers of
the statute of limitations and to execute closing agreements on my
behalf;
G. To act as proxy,
with full power of substitution, at any corporate meeting and to
initiate corporate meetings for my benefit as stockholder, in respect to
any stocks, stock rights, shares, bonds, debentures or other
investments, rights or interests;
H. To invest,
re-invest sell or exchange any assets owned by me and to pay the
assessments and charges therefore; to obtain and maintain life insurance
upon my life or upon the life of anyone else; to obtain and maintain any
other types of insurance policies; to continue any existing plan of
insurance or investment;
I. To defend,
initiate, prosecute, settle, arbitrate, dismiss or dispose of any
lawsuits, administrative hearings, claims, actions, attachments,
injunctions, arrests or other proceedings, or otherwise participate in
litigation which might affect me;
J. To carry on my
business or businesses, to begin new businesses; to retain, utilize or
increase the capital of any business; to incorporate or operate as a
general partnership, limited partnership or sole proprietorship any of
my businesses;
K. To employ
professional and business assistants of all kinds, including, but not
limited to, attorneys, accountants, real estate agents, appraisers,
salesmen and agents;
L. To apply for
benefits and participate in programs offered by any governmental body,
administrative agency; person or entity;
M. To transfer to
the trustee of any revocable trust created by me, if such trust is in
existence at the time, any and all property of mine (excepting property
held by me and any other person as joint tenants with full rights of
survivorship), which property shall be held in accordance with the terms
and provisions of the agreement creating such trust;
N. To disclaim any
interest in property passing to me from person or entity;
O. To make gifts of
any of my property or assets to members of my family; and to make gifts
to such other persons or religious, educational, scientific, charitable
or other nonprofit organizations to whom or to which I have an
established pattern of giving; provided, however, that my
Attorney-in-Fact may not make gifts of property to himself or herself.
I appoint Brother Ted Sample, as my Attorney-in-Fact solely for
the purpose of determining if a gift of my property to the
Attorney-in-Fact appointed and acting hereunder is appropriate and to
make any such gifts which are appropriate. In many cases a person wants to reduce the size of his estate, so as to avoid estate taxes, so he makes annual gifts to his children. In this case, Sarah would have to have Ted make the gift to her. 3.
Construction:
This Power of Attorney is to be construed and interpreted as a
general power of attorney. The
enumeration of specific items, rights, acts or powers shall not limit or
restrict the general and all-inclusive powers that I have granted to my
Attorney-in-Fact. All
references to property or property rights herein shall include all real,
personal, tangible, intangible or mixed property.
Words and phrases set forth in this Power of Attorney shall be
construed as in the singular or plural number and as masculine, feminine
or neuter gender according to the context. Whenever an attorney drafts a document he must realize that he can't possibly list every eventuality. So the attorney always puts in general language that any list he did create is not an exhaustive list.
Any authority granted to my Attorney-in-Fact, however, shall be
limited so as to prevent this Power of Attorney
from causing my Attorney-in-Fact to be taxed on my income. The person, Sarah in our example, needs to be sure that everyone knows that she does not own the assets but just controls them as power of attorney. 4.
Liability of Attorney-in-Fact.
My Attorney-in-Fact shall not be liable for any loss sustained
through an error of judgment made in good faith, but shall be liable for
willful misconduct or breach of good faith in the performance of any of
the provisions of this power of attorney. When you have two or three kids, you want to avoid arguments as best you can. 5.
Compensation of Attorney-in-Fact.
The Attorney-in-Fact understands that this power of attorney is
given without any express or implied promise of compensation to said
Attorney-in-Fact. Any
services performed as my Attorney-in-Fact will be done without
compensation, either during my lifetime or upon my death, but the
Attorney-in-Fact shall be entitled to reimbursement for all reasonable
expenses incurred as a result of carrying out any provisions of this
power of attorney. If you want your attorney to be paid, you must put it in. Most people will do this out of love and affection. 6.
Accounting by Attorney-in-Fact.
Upon my request or the request of any conservator appointed on my
behalf or the personal representative of my estate, my Attorney-in-Fact
shall provide a complete accounting as to all acts performed pursuant to
this power of attorney. Whomever you choose as power of attorney, be sure that they're good at keeping records. They need to be able to account for your funds as well as prepare income tax returns. 7.
Effective Date and Durability. A.
This Power of Attorney shall be effective immediately, shall not
be affected by my disability, B.
This Power of Attorney shall become effective upon written
certification by my physician that I am disabled, C.
This Power of Attorney shall become effective
_______________________, shall not be affected by my disability, and
shall continue effective until my death; provided, however, that this
Power of Attorney may be revoked by me as to my Attorney-in-Fact at any
time by written notice to such Attorney-in-Fact.
You must pick A, B or C above. Most people will have the power become effective immediately and trust the person not to interfere until an appropriate time. If you choose B, it is difficult for a person to judge that time they should step in. Its hard to accuse a loved one of incompetence. If you do pick B, you should also do a health care power of attorney so the person can access your medical records. A person might choose C if they are going out of town for awhile. If Tom is a snowbird and travels south for three or four months, he may appoint his daughter so she can handle his affairs while he is gone. Whichever one you pick, just cross out the other two.
Dated this _____ day of _______________________________, 2002. ___________________________________________________ Tom Sample State Of Anystate § County of Big County On this ____ day of ____________________, 2002 before me, the undersigned, a Notary Public in and for this State, personally appeared Tom Sample, to me known to be the identical person named in and who executed the foregoing instrument and acknowledged that such person executed the same as such person's voluntary act and deed. _______________________________________________________ Notary Public In And For The State Of Anystate Our e-mail address is legalscribe@dwx.com.
Admonishment: It’s not our intent to give you legal advice. If you have any questions concerning the effect of any of these documents we remind you that you should contact an attorney in your state competent to advise you in this area of the law. |
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