If you are named as an Attorney in Fact under a Durable General Power of Attorney, you are considered to be a fiduciary. You may also want to notify your financial institutions where your Agent or Attorney in Fact conducted normal business on your behalf and file the revocation with the Register’s Office in the county where you live. Often you can revoke a Durable Power of Attorney by giving written notice to your Agent or Attorney in Fact. The way your documents are written affects the process for changing them. Some special powers to consider adding to the general ones include: making gifts exercising powers you may have over income or principal of a trust or fiduciary positions occupied by you changing beneficiary designations on bank accounts or life insurance policies changing right of survivorship designations on real or personal property disclaiming property exercising rights of elective share and making health care decisions. These are the default powers, such as dealing with money, filing tax returns, and entering contracts. Our statute has a long list of powers that your Attorney in Fact will require in order to effectively manage property. POWERS THAT ARE OPTIONAL OR EXTRAORDINARY Compensation for services as Attorney in Fact is optional and should be set forth in the document. Bond typically is not required but having your Attorney in Fact account to another person is recommended. You should consider naming a successor Attorney in Fact as a back-up. The person you choose should be trustworthy, conscientious about record keeping, organized, responsible, and reliable. The most crucial choice may be who to name as your Attorney in Fact. The Power of Attorney must contain specific language in order to qualify under Tennessee law as “durable.” THINGS TO THINK ABOUTĪ Durable General Power of Attorney is a very important part of planning. That means, the document is designed to continue to be effective when you are disabled or no longer mentally competent and you cannot act on your own. The kinds of transactions an Attorney in Fact may conduct include paying monthly bills, collecting rents, voting stocks, running a business, buying or selling real estate, or negotiating the terms governing hiring caregivers or admission to a nursing home.Ī power of attorney is “durable” when the power remains effective even if you are incompetent or unable to communicate. The Durable General Power of Attorney conveys to your Attorney in Fact the powers and authority to handle all kinds of transactions on your behalf regarding your property, contracts, and benefits. This document is different from a Durable Health Care Power of Attorney because this document concerns property and contract rights not health care or matters related to your person. A Durable General Power of Attorney is a written document that authorizes an “Attorney in Fact” to act on your behalf.
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