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Tennessee General (Financial) Power of Attorney

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Tennessee General (Financial) Power of Attorney

Updated August 09, 2023

A Tennessee General (Financial) Power of Attorney Form can be used to appoint a friend, relative, or appropriately qualified professional as an attorney-in-fact you allow to handle your finance and property matters. It is worth noting that if you plan on putting such an appointment into effect, you must first consider carefully your choice of agent. This document will include a built-in safeguard in that any authority delivered to an attorney-in-fact here will automatically terminate if you are rendered unable to communicate and diagnosed as such by a physician (i.e. a traumatic medical event). For those who wish an attorney-in-fact to retain the ability to wield the principal power(s) he or she has regardless of the principal’s medical condition, the Tennessee Durable Power of Attorney can be used to achieve this purpose.


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1 – Principal Identity Must Be Stated In The Title

The Title of this paperwork serves to declare the Principal’s Full Name. Use the blank line in this Title to enter the Full Name of the individual delegating his or her Authority to an Agent

2 – Produce Each Individual’s Name And Location For This Authority Appointment

The paragraph placed at the opening of this template will seek to serve as a declarative statement made by the Principal. This will require the First, Middle, and Last Name of each Party along with his or her Residential Address.

Use the first, second, and third blank lines in the opening statement to report the Name, Residential Street Address, and State of Residence of the Principal. The fourth, fifth, and sixth blank lines in this paragraph are reserved for the Attorney-in-Fact’s Full Name, Address of Residence, and State of Residence

3 – Principal Authorization For Each Category Of Delivered Authority Is Required

The next section of this document requires the Principal’s Approval supplied by the Principal where appropriate. To Approve a Category where the Principal Power defined can be used by the Agent, the Principal will have to provide his or her initials to the blank line preceding it. There will be sixteen basic classifications to the Principal Powers that can be delivered, each with a description of Attorney-in-Fact Principal Actions, so the Principal should make sure to set aside enough time to give a comprehensive review. Any type of Principal Authority not initialed by the Principal will not be granted to the Agent.

The first category is designated by the bold words “1. Power To Make Payments Or Collect Monies Owed,” and will supply the wording to give the Principal-Agent the Authority to conduct payments on Principal Accounts, arrange for collections, as well as a variety of related actions. The Principal should initial the blank line that precedes this label to enable the Agent to perform such actions in his or her Name with Principal AuthorityThe Attorney-in-Fact can be granted the Principal Ability “…To Acquire Lease And Sell” the Principal’s Personal Property when the Principal initials the second category.The Principal can deliver the Authority the Agent requires to handle his or her affairs in Real Property by initialing the third category (“3. Power To Acquire, Lease And Sell Real Property”). The wording in the fourth category gives the Agent the Principal Power to Manage Principal Property (tangible or intangible). The Principal must initial “4. Management Powers” to delegate such Power. The Principal can appoint “Banking Powers” to the Agent by initialing the fifth category (“5. Banking Powers”). This Principal Power will be usable by the Agent with any Financial Institution that provides Banking Services. If the Principal-Agent should be able to take Principal Action with the Principal’s Motor Vehicles then the sixth Power Category will require the Principal’s initials set on the line preceding “6. Motor Vehicles” The Principal can grant the Agent the Authority to take Principal Action with his or her Taxes by initialing the blank space that precedes “Tax Powers.” This action only gives the Principal Authorization for the Agent to handle Principal Taxes, the Agent will likely need to receive additional Authorization from concerned Tax Entities. It is strongly recommended the Principal contact any such Tax entities for more information if any deadlines are involved with the delegation of this category The Principal can grant access to his or her Safe Deposit Boxes as well as Principal Authority over their contents to the Principal-Agent by initialing the eighth category.  The wording in the ninth category will assign “Gift Making Powers” to the Principal Agent. Here, the Agent will possess the Principal Power to make and accept a variety of gifts in a variety of manners on behalf of the Principal. The Principal must initial the blank line that corresponds to this category to grant this Power.

The Attorney-in-Fact will be able to conduct Principal Business with “Lending and Borrowing” using Principal Power by initialing the tenth category. The eleventh statement will apply the ability to make and manage contractual agreements on behalf of the Principal using Principal Power. To grant this Power, the Principal must initial “11. Contracts.”The Principal can assign the Agent with the Authority to handle arranging for the Principal’s Health Care when he or she initials the twelfth category.   If the Principal-Agent is to have the representational Authority defined in the Health Insurance Portability And Accountability Act of 1994, the Principal must initial “13. HIPAA” to deliver it The fourteenth subject at hand concerns the hiring and payment of services used to effect Principal Affairs. Here the Agent can make decisions regarding which entities should be obtained for what purpose and arranging/making payments on behalf of the Principal. To grant this Power, the Principal must initial “14. Power To Hire And Pay For Services.”If the Principal has determined that the Agent should have the Principal Power to arrange for his or her Reimbursement using Principal Power, then the Principal’s initials will need to be supplied to the space that precedes the bold label “15. Reimbursement Of Attorney-in-Fact.”The Principal will have to initial “16. Power To Sue Third Parties Who Fail To Act Pursuant To Power Of Attorney” to deliver the Principal Authority the Agent requires to handle legal affairs on behalf of the Principal. This category will allow the Agent to obtain legal advice and services on behalf of the Principal when the Principal initials the blank space provided. Direct Appointments of Principal Power, not addressed in this list, can be delegated to the Attorney-in-Fact by declaring them on the blank lines supplied after the item label “17. Other – Power To Conduct The Following.” If any such provisions are supplied here and are to be applied to the Principal Power assigned to the Agent, the Principal will need to initial the space preceding the number 17.

4 – The Period When The Attorney-in-Fact Has the Approval To Wield Power Should Be Defined

The Agent can have a significant effect on the Principal’s affairs as a result of wielding Principal Power. Hence, this document will require a defined Starting Point for the granted Powers as well as a definitive manner for their termination. The Principal will be presented with two options to choose from to define the Start Date and three options to choose from to apply a Termination.

If the Principal wishes the Powers defined above to be effectively granted as soon as he or she signs this paperwork, then he or she should initial the statement “Upon The Date Of This Document.” Otherwise, the Principal can initial the second statement and declare a specific Start Date using the space provided. Now that the Principal has approved a starting point for these Powers to go in Effect, a manner of Termination will need to be declared. The Principal must initial one of the last three statements to approve the appropriate Termination method. If the Powers should simply expire upon a given date, the Principal’s initials will be required, and the expiration date reported in the statement “On The Following Date.” The Principal can declare these Powers effective, regardless of his or her health, until he or she revokes them by initialing the statement “When I Have Made A Written Revocation.” Otherwise, the Principal can initial the final statement thereby setting the Principal Powers to terminate on whatever Date the Principal is diagnosed as unable to communicate or make decisions by a physician.

5 – Two Witnesses And A Notary Public Must Observe The Principal Signing And Testify

The Principal will have to produce a proper execution at the conclusion of this paperwork. The Principal, Two Witnesses, and a Notary Public must coordinate to perform the Execution correctly. First, the Principal must enter the current Date utilizing the three blank spaces provided in the statement above the signature area. After this Date has been provided, the Principal must sign his or her Name on the “Principal’s Signature” line to verify this document’s completion and accuracy To continue this document’s Execution, the Principal Agent’s participation will be required. Here, in the “Acceptance Of Appointment” section, the full Name of the Principal-Agent should be supplied to the space just before the words “…The Attorney-in-Fact Named Above, Hereby Accept…” Below this statement, the Principal-Agent must produce his or her Signature and Printed Name on the blank lines labeled “Attorney-in-Fact’s Signature” and “Attorney-in-Fact’s Printed Name”The next task required by this Execution shall call for the Witness’ items. This paperwork should be presented to each Witness present so that he or she can read the “Witness” section. If this statement is true then each Witness must furnish his or her Signature and Residential Address. The final area required for this Execution is the “Acknowledgment Of Notary Public” section. This section can only be filled out after all Signature parties have signed their names and only by a Notary Public who has witnessed this.

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