Utah Durable Power of Attorney (Financial)

Last Updated: 7/2/2015

Document Description

In making plans for your estate, you’ve no doubt considered what will happen to your assets once you’re gone. After all, we’ve all been told how important it is to have a will. However, a will doesn’t help you manage affairs while you’re still living. Many of us will face an illness or incapacitation that will require someone to make decisions for us. This durable power of attorney is the document that will enable those decisions to be made even if you can’t make them yourself.

The Utah Financial Power of Attorney allows you, the principal, to assign a person, known as the agent or attorney-in-fact, to assume responsibility for your finances. A financial power of attorney doesn’t transfer your assets to someone else; rather, it allows someone to act on your behalf. Upon your passing (or if you decide to revoke it), the power of attorney would end.

This document allows you to name the powers your chosen agent will have, and those powers can be as broad or limited as you like. If you so decide, the agent could file income taxes, apply for Social Security benefits, make gifts and make and pay for burial arrangements. The Utah Financial Power of Attorney is a customizable form, which means you can add any powers or restrictions you choose.

In order for your form to be legal in the state of Utah, you need to be competent and have the completed document notarized. You’ll want to give a signed copy to your agent as well as to any financial institutions with which the agent will be doing business. And if your agent is allowed to handle real estate transactions on your behalf, you’ll want to file a copy with the clerk’s office in the county where the property is located.

You can also upload a signed copy of your Utah Financial Power of Attorney, as well as any other estate planning documents, to your ezEstatePlanner Vault. This secure location may be accessed by you and other trusted individuals you select at any time. You’ll be able to make changes, print out extra copies, and add documents whenever you like.

Additional information about legal matters in the state of Utah may be found at www.utcourts.gov.




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