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Jasper L. Edwards
General Power of Attorney
(PoA) Form
A Power of Attorney form (POA) is a
document that allows a person to legally appoint another person to act on his or her behalf. In the
POA document, the person who appoints the other is known as the "Principal" whereas the person who
is granted the authority to act on behalf of the principal is called the "Agent" or the
"Attorney-in-fact". The principal, therefore, legally authorizes the Agent to act on his or her
behalf regarding the various businesses permitted in the Power of Attorney
form.
The Power of Attorney form can either
be general or specific. If general, the agent can conduct any business on behalf of the principal,
but if it is specific, the agent can only conduct the businesses expressed in the POA form. During
any transactions authorized in the POA form, the third parties will treat the agent as if he or she
was the principal.
What powers can a principle
grant to an agent?
The power of attorney form allows a
principle to designate certain powers to an agent. Such powers
include;
• General authority; as a
principal, you can grant an agent the power to make any decisions that you would be capable of
making if present.
• Business; you can grant an
agent the right to manage, trade and invest your business on your
behalf.
• Finance; a principal can
also grant an agent the power to banking, tax, insurance policies and any other financial
transactions that the principal is involved in.
• Family; this power grants
the agent to deal with the personal property of the principal.
• Real estate; you can grant
an agent the power to rent, sell and manage your commercial and real estate
property.
When selecting the appropriate agent
as a principle, you should consider the legal requirements aside from your personal preferences.
For instance, you cannot appoint a minor or someone who is bankrupt as an agent. You can consider
appointing a professional such as a lawyer, an accountant or a fiduciary as your
Attorney-in-fact.
GENERAL POWER OF ATTORNEY
(PoA) TEMPLATE
I, [Name], hereby
appoint [Attorney in Fact], of [County] County, __________, my true and lawful attorney in fact for
me and to act in my name, place and stead and to do any and every lawful act and exercise any and
every power that I might or could do or exercise through any other person.
The circumstances
which necessitate this Power of Attorney are as follows: [Circumstances Giving Rise to Power of
Attorney].
Accordingly, at my
specific request and insistence, I have named and appointed [Attorney in Fact] as my attorney in
fact to perpetuate my business affairs as [he or she] deems best.
This Power of Attorney
shall be a general or universal Power of Attorney and shall apply to all of my worldly possessions,
including but not limited to the specific items of property listed and attached to this agreement
in Exhibit "A". Exhibit "A" has been signed by me and is incorporated by reference in this Power of
Attorney for all purposes as if this exhibit were fully copied at length and inserted in this
agreement.
My attorney in fact is
authorized to act in my name, place and stead and for and on my behalf to do the
following:
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To exercise, act or
perform any duty, obligation or right that I may now have or acquire, the legal right,
power or capacity to exercise or perform any business, personal or corporate, arising
out of or relating to any person, item, thing or transaction that deals with real
property, personal property, separate, community real or personal property, tangible or
intangible property.
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To ask, demand, sue for,
recover, collect, receive, hold and possess all sums of money, debts, dues, goods,
wares, merchandise, chattels, effects, bonds, notes, checks, drafts, accounts,
deposits, safe deposit boxes, legacies, bequests, devises, interests, dividends, stock
certificates, certificates of deposit, annuities, pension and retirement benefits,
stock options, insurance benefits and proceeds, documents of title, causes of action,
personal and real property, tangible and intangible property and property rights, and
demands whatsoever,
liquidated or unliquidated, and things of whatsoever
nature or description that now are or hereafter may be or become due, owing, payable,
or belonging to me in or by any right, title, ways or means and upon receipt thereof or
of any part thereof to make, sign, execute and deliver such receipts, releases or other
discharges for the same as may in fact be thought fit or advised.
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To commence, prosecute,
discontinue, or defend all actions or other legal proceedings touching my estate or any
part thereof or touching any matter in which I or my estate may be in any way
concerned; and to have, sue and take all lawful ways and means and legal and equitable
remedies, procedures and writs in my name for collection or recovery of any item or
matter including collection of my accounts receivables in which I have or may acquire
an interest in, and to compromise, settle and agree to the same, and to make, execute
and
deliver for me and in my name all endorsements,
acquittances, releases, receipts or other sufficient discharges for the
same.
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To lease, purchase,
exchange and acquire, and to bargain, contract and agree for the lease, purchase and
exchange and acquisition of and to take, receive and possess any real or personal
property whatever, tangible or intangible, or any interest therein on such terms and
conditions and under such covenants as may in fact be deemed proper, including but not
by way of limitation, the authority to purchase at discount or otherwise United States
government obligations redeemable at par value in payment of any federal estate tax
obligation that may be assessed upon or
attributable to property I may own at the date of my death.
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To enter into all of my
real property, including but not limited to, my residence and homestead and investment
property, to let, manage or improve the same or any part thereof, to repair or
otherwise improve, alter and to insure any buildings and structures, including but not
limited to, the opening and closing of checking accounts at banks for payment of
mortgage moneys owed on the above described property, repairs, maintenance expenses and
miscellaneous expenditures necessary to the management of this property, make and
collect moneys for deposit from rent or rentals, sale or leases or withdrawal accounts,
set up and administer rent or lease agreements for
my real property including but not limited to my homestead, execute leases,
assignments, rentals, earnest money contracts, deeds, deeds of trusts or promissory
notes applicable to this property, obtain insurance policies for my real estate, hire
and discharge real estate brokers, agents or other commissioned sales personnel, hire
workers, subcontractors and contractors and pay the moneys owed to such workers,
contractors or subcontractors for any improvements, repairs, damage or destruction
applicable to my real property.
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To sell either at public
or private sale, or exchange any part or parts of my real estate or personal property
for such consideration and upon such terms as may be thought fit, and to execute and
deliver good and sufficient deeds or other instruments for the conveyance or transfer
of the same, with such covenants or warranty or otherwise as may be deemed fit, and to
give receipts for all or any part of the purchase price or other
consideration.
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To engage in and actively
transact any and all lawful business of whatever nature or kind for me and in my
name.
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To sign, endorse, execute,
acknowledge, deliver, receive and possess such applications, contracts, agreements,
options, covenants, deeds, conveyances, trust deeds, security agreements, bills of
sale, leases, mortgages, assignments, insurance policies, bills of exchange, notes,
stock certificates, proxies, warrants, commercial paper, receipts, withdrawal receipts,
and deposit instruments relating to accounts or deposits in or certificates of deposit
of banks, savings and loans, or other institutions or associations, proofs of loss,
evidence of debts, releases, satisfaction of mortgages, judgments, liens, security
agreements, and other debts and obligations, and other instruments in writing of
whatever kind and nature as may be necessary or proper in the exercise of the rights
and powers in this agreement granted.
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To convey any and all
assets of my estate (consisting of any property, real, personal, or mixed, of whatever
kind, wherever located and whenever acquired) into such trust or trusts as may be
deemed proper, irrespective of whether this trust is now in existence or after
established. My attorney in fact is authorized to establish any such trust on such
terms as may be deemed to be in my best interest. By way of illustration and not by way
of limitation, my attorney in fact shall be empowered to create and transfer assets
to:
a. An irrevocable trust that will revert to my estate at
my death;
b. A trust that will remain irrevocable during my
disability; or
c. A revocable trust for my
benefit.
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To deposit any moneys that
may come to my attorney in fact with any bank, money market fund, financial institution
or banker or other person, either in my or my attorney in fact's name or, in the name
of any nominee in any stocks, shares, bonds, securities, or other property, real or
personal, as my attorney in fact may think proper, and to receive and give receipts for
any income or dividend arising from such investments and to vary or dispose of such
investments.
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To borrow any sum or sums
of money on such terms and with such security, whether real or personal property, as
may be thought fit, and for that purpose to execute all promissory notes, bonds,
mortgages, deeds of trust, security agreements, and other instruments that may be
necessary or proper.
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To engage, employ, and
dismiss any agents, clerks, servants, attorneys at law, accountants, investment
advisors, custodians, or other persons for the performance of my interests as my
attorney in fact shall think fit.
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To vote at the meetings of
stockholders or other meetings of any corporation or company, or otherwise to act as my
attorney in fact or proxy in respect of any stocks, shares, or other instruments now or
hereafter held by me therein, and for that purpose to execute any proxies or other
instruments. This Power refers to any and all corporate stock that I may own, including
but not limited to corporate stock in [Stocks and Share Numbers].
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To exercise any powers and
duties vested in me, whether solely or jointly, with any other or others as executor,
administrator, or trustee, or in any other fiduciary capacity so far as such power or
duty is capable of validly being delegated.
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In general, to do all
other acts, deeds, matters and things whatsoever in or about my estate, property, and
affairs, or to concur with persons jointly interested with myself therein in doing all
acts, deeds, matters and things therein, either
particularly or generally described, as fully and effectually to all intents and
purposes as I could do in my own person if
personally present and competent.
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To apply such portion of
my estate as is not required for my support during my lifetime, or the support
of my family, toward the continuation of a pattern of
gifts established by me or toward the establishment of an estate plan for the purpose of minimizing income, estate, inheritance
or other taxes payable out of my estate, as I may
direct or as my attorney in fact shall deem in the interest of my estate if I should
become incompetent and if in the opinion of my
attorney in fact I will probably remain incompetent during my
lifetime.
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In furtherance of such
power, my attorney in fact is authorized to transfer assets, outright or in trust,
to or for the benefit of: a. organizations to
which charitable contributions may be made under the Internal Revenue Code, as amended, in which I would reasonably have an
interest; b. my heirs at law who are identifiable
at the time of such transfer; or c. the devisees under my last validly executed will,
if there be such a will in existence at the time
of such transfer; provided, however, that my attorney in fact shall have no
power to transfer such property to or for self
benefit of himself or herself, the attorney's estate, creditors or the
creditors of the estate regardless of the eligibility of
any such persons under either category b. or c. above.
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This instrument is to be
construed and interpreted as a general power of attorney. The enumeration of
specific items, acts, rights or powers in this agreement
does not limit or restrict, and it is not to be construed or interpreted as limiting or restricting, the general power in this
agreement granted to my attorney in fact.
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This general power of
attorney revokes any previous powers of attorney granted by me. This power
of attorney may be voluntarily revoked only by my written
revocation entered in the record of the County Clerk of [County] County, __________.
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This power of attorney
shall not terminate on disability of the principal. No attorney in fact shall be
obligated to furnish bond or other security. My attorney
in fact, and any successors, shall be entitled to reasonable compensation for services rendered and reasonable
reimbursement for expenses incurred.
-
Any authority granted to
my attorney in fact in this agreement shall be limited so as to prevent this
power of attorney from causing my attorney in fact to be
taxed on my income and from causing my estate to be subject to a general power of appointment by my attorney in fact, as
that term is defined in the Internal Revenue Code,
as amended. In this connection, it is my intention to give to my attorney in fact the
general powers in this agreement described, such
powers to be used in the administration of my real and personal estate and for
my benefit or as I may direct in this
agreement.
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Any provision in this
agreement to the contrary notwithstanding, any authority granted to my attorney
in fact in this agreement with respect to my interest in
any policy of insurance insuring my attorney's life shall be limited so as to prevent this power of attorney from causing my
attorney in fact to possess any incident of ownership with respect to such interest as that term is defined in
the Internal Revenue Code, as amended. In this
connection, it is my intention to give my attorney in fact the general powers in this
agreement described to
hold, receive and deliver any such policy of insurance in
which I own an interest, but not otherwise to exercise any right incident thereto, specifically but not by way of
limitation, excluding the right to borrow against my interest in such policy, to pledge such interest for a loan or loans,
to surrender my interest in such policy, or to change the beneficiary thereof either for my benefit or the benefit
of another.
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Words in the masculine
gender in this agreement shall include the feminine and/or neuter and vice
versa.
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I hereby ratify and
confirm all that my attorney in fact or any successors shall lawfully do or cause
to be done by virtue of this power of attorney,
and all the rights and powers granted in this agreement.
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I bind myself to indemnify
my attorney in fact and any successors who shall so act against any and all
claims, demands, losses, damages, actions, and causes of
action, including expenses, costs, and reasonable attorney fees that my attorney in fact at any time may sustain or
incur in connection with carrying out the authority granted in this power of attorney. My indemnity of the
attorney in fact shall extend to the assets of my estate after my death, and shall be applicable except for actual
fraud of my attorney in fact. For the purposes and
consideration expressed above and for the time and effort that shall be devoted to my
business affairs, I release my attorney in fact
for any and all actions, business investments, direct and/or consequential
damages, losses or liabilities that may occur as a
result of the exercise of this power of attorney and I forever release my
attorney from any claims, causes of action, or rights,
known or unknown, that I may have or ever have, as a result of the exercise of this power of attorney, and I agree to hold
harmless and indemnify my attorney in fact for any
and all actions taken on behalf of this power of attorney.
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My death shall not revoke
or terminate this agency as to the attorney in fact, or other person who,
without actual knowledge of my death, acts in good faith
under this power of attorney. Any action so taken unless otherwise invalid or unenforceable shall be binding upon me
and my heirs, devisees, and personal representatives. Any affidavit executed by my attorney in fact
stating that my attorney does not have (at the time of doing an act pursuant to this power of attorney) actual
knowledge of the revocation or the termination of
this power of attorney is, in the absence of fraud, conclusive proof of the
non-revocation or the nontermination of this power
of attorney at that time. My indemnity of my attorney in fact shall extend to
the assets of my estate after my death, and shall
be applicable to all instances except for actual fraud of my attorney
in fact.
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This instrument shall be
construed and interpreted as a general power of attorney. The enumeration of
specific items, acts, rights or powers in this agreement
does not limit or restrict and shall not be construed or interpreted as limiting or restricting the general powers granted by
this agreement to my attorney in fact.
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This power of attorney
shall not terminate because of disability of the principal.
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No attorney in fact shall
be obligated to furnish a bond or security; however, my attorney in fact shall
be obligated to provide reasonable information and/or
accounting for my attorney's actions to the principal or any beneficiary of assets and/or property covered by this power of
attorney.
Signed on
______________.
_______________________
[Name]
State of
__________
County of
____________
This instrument was
acknowledged before me on ____________________ by
______________________________________________________________.
_____________________________________
Signature of officer
_____________________________________
Notary's typed or printed name
My commission
expires:
______________________
[or Notary's Stamp]
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