This General Durable Power of Attorney for Property and Finances Effective upon Disability form is a general, durable power of attorney which is effective ONLY upon the principal's disability, incompetency or incapacity. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services.
In Memphis, Tennessee, a General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability is a legal document that allows an individual, referred to as the principal, to appoint another person, known as the agent or attorney-in-fact, to handle their financial and property affairs in the event of their disability or incapacitation. This document grants the agent the authority to make decisions and take actions on behalf of the principal regarding their property, finances, and assets. The agent can manage bank accounts, investments, real estate transactions, pay bills, file taxes, and handle other financial matters based on the principal's best interests. The term "durable" is used to signify that the power of attorney remains valid even if the principal becomes incapacitated or mentally unfit to make decisions. This ensures that the agent's authority continues to exist during the principal's disability, allowing for the seamless management of their financial affairs without the need for court intervention. There may be different types of General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability in Memphis, Tennessee. These can include limited durable power of attorney, which grants the agent specific powers defined in the document, and springing durable power of attorney, which only becomes effective upon the occurrence of a particular event, such as the principal's disability. It is crucial to consult with an attorney experienced in estate planning or elder law to draft and customize a General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability that aligns with the specific needs and wishes of the principal.
