Tennessee Durable Power of Attorney (Financial)

Last Updated: 6/18/2015

Document Description

You’ve spent a lifetime building and protecting your assets, and you’ve probably thought about what you want to happen to those assets after you’re gone. If you’ve done any estate planning, a will or living trust may have been the first document you created. However, circumstances are likely to arise that would necessitate having a plan for your assets while you’re still alive. A severe injury, illness or even an extended absence could make handling your affairs difficult, if not impossible. Having this durable power of attorney in place for those tough circumstances can make them easier for you and your loved ones to bear.

The Tennessee Financial Power of Attorney enumerates the areas you, the principal, would like someone to manage for you if you are unable to manage them yourself. The person you choose is known as the attorney-in-fact or agent. Because this document is durable, the agent’s powers continue even if you become incapacitated, and are effective as soon as you have it signed, witnessed and notarized. The person you choose to serve as your agent will have access to your finances, so it’s important to choose someone you trust implicitly. If you don’t have a family member to use, there are companies that will provide their services for a fee.

This document enables you to specify which financial powers you would like your attorney-in-fact to have. You can grant authority in many areas or just a few, including handling claims and litigation, buying and selling personal property, making insurance claims, completing and signing tax returns and more. You can further customize your form by adding any duties not already listed. Additionally, the Tennessee Financial Power of Attorney informs the agent of the responsibilities associated with the position, such as maintaining an accounting of any transactions performed.

You can upload signed copies of your Tennessee Financial Power of Attorney into your ezEstatePlanner Vault, a safe and secure place to store all of your estate planning documents. They will be available for editing or printing whenever you, or any other trusted individuals you choose, need them.

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