The financial power of attorney authorizes the agent to act on your behalf in financial matters (as opposed to health care matters).
This may include such things as:
buying and selling real estate or other property;
entering into contracts
operating a business
making decisions regarding lawsuits
Traditionally, a power of attorney was a long document that explained in detail all of the powers given to the agent. The main drawback to such a power of attorney is the large number of pages. If you need to record the document, it can become costly as you normally will pay a recording fee based on the number of pages. This can also be costly if you need to obtain certified copies of the recorded power of attorney. In most instances, you can get by with a more simplified form. See a copy of the Tennessee Financial Power Of Attorney simple form.
To simplify things, some states have created shortened financial power of attorney forms. In these states, the state law spells out the details for each power. The powers are only generally referred to in the document itself. Following, are some of the states that accept specific forms. Alaska, Arkansas, California, Colorado, Connecticut, District of Columbia, Georgia, Illinois, Indiana, Minnesota, Montana,Nebraska, New Mexico, New York, North Carolina, Tennessee, Texas, and Wisconsin.
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