A durable power of attorney for property is executed by an individual when he is competent. The agent is given power to do things that the individual could do whether the individual is now competent or now incompetent. Because it is durable, the power of attorney can still be used after the individual becomes incompetent.
The standard categories of powers that a principal can give his agent are:
1) Real Estate Transactions – allowing the agent to buy, sell, exchange, rent and lease real estate
2) Financial Institution Transactions – allowing the agent to open, close, continue and control all accounts and deposits in any type of financial institution including banks, trust companies, saving and loan associations, credit unions and brokerage firms
3) Stock and Bond Transactions – allowing the agent to buy and sell all types of securities including stocks, bonds, mutual funds and all other types of investment securities and financial instruments
4) Tangible Personal Property Transactions – allowing the agent to buy and sell, lease, exchange, collect, possess and take title to all tangible personal property
5) Safe Deposit Transactions – allowing the agent to open, continue and have access to all safe deposit boxes
6) Insurance and Annuity Transactions – allowing the agent to procure, acquire, continue, renew, terminate or deal with any type of insurance or annuity contract
7) Retirement Plan Transactions – allowing the agent to continue to withdraw from and deposit funds in any type of retirement plan
8) Social Security, Unemployment and Military Service Benefits – allowing the agent to prepare, sign and file a claim or application for Social Security, unemployment or military service benefits
9) Tax Matters – allowing the agent to sign, verify and file all of the principal’s federal, state and local income, gift, estate, property and other tax returns
10) Claims and Litigation – allows the agent to institute, prosecute, defend, abandon, compromise, arbitrate, settle and dispose of any claim in favor of or against the principal or any property interest of the principal
11) Commodity and Option Transactions – allows the agent to buy, sell, exchange, assign, convey, settle and exercise commodities futures contracts and call and put options
12) Business Operations – allows the agent to organize or continue and conduct any business in any form
13) Borrowing Transactions – allows the agent to borrow money, mortgage or pledge any real estate or tangible or intangible personal property
14) Estate Transactions – allows the agent to accept, receipt for, exercise, release, reject, renounce, assign, disclaim, demand, sue for, claim and recover any legacy, bequest, devise, give or other property interest
15) All Other Property Powers and Transactions – allows the agent to exercise any powers of the principal regarding any types of property and interests in property except to the extent limited by the principal by striking out a category on the power of attorney document or including a specific limitation in the power of attorney document
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