![]() Insurance and Annuities – The option to cancel, upgrade, or redeem insurance or an annuity.Operation of Entity or Business – To make any kind of decision for a business or entity.Banks and Other Financial Institutions – To have complete control over bank accounts, personal or business.Commodities and Options – Making transfers of financial items or derivatives.Stocks and Bonds – Selling shares of stock or bonds.Tangible Personal Property – The selling or leasing of personal items.Real property – The buying, selling, and leasing of real estate.The principal may grant the following standard financial powers to the agent in accordance with Section 301 (page 68): ![]() Eligibility for any benefits under a statute or regulation.Minimizing their tax liability including income, estate, inheritance, generation-skipping transfer, and gift taxes and.Upkeeping with the principal’s obligations for maintenance.Maintaining the value of the principal’s property.In preserving the principal’s estate plan to the extent known by the agent, such as:.To cooperate with any agent that has the power to make health care decisions for the principal and.To keep records of all receipts, disbursements, and transactions made on behalf of the principal. ![]() To act without a conflict of interest to be able to make decisions on behalf of the principal’s best interest.Only with the scope of authority within the power of attorney.To principal’s expectations while performing in their best interest.In accordance with Section 114 (page 23), the agent must act: The agent must sign in the presence of a notary public ( Section 302 – ): (Principal’s Name) by (Your Signature) as Agent Sample SignatureĪn agent certification is an optional form that lets an agent acknowledged their designation by the principal. The agent is required to sign for the principal in the following format ( Section 301 – ): The statutory form as written in Section 301 (page 66): “Power of attorney” means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term power of attorney is used. The incorporation of the laws is to bring uniformity to all 50 States and set common guidelines. ![]() The Uniform Power of Attorney Act (UPOAA) were created by the National Conference of Commissioners on Uniform State Laws (ULC) and have been adopted by 28 States since 2007. Video Uniform Power of Attorney Act (UPOAA) The financial responsibilities may be broad or limited.Ī durable power of attorney (DPOA) has the option of allowing an agent to act immediately or at a future time or event (such as when the principal becomes incapacitated. What is a Durable Power of Attorney (DPOA)?Ī durable power of attorney (DPOA) is the designation of allowing an agent to handle financial responsibility even if the principal becomes incapacitated.
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