Transcription of DURABLE POWER OF ATTORNEY FOR FINANCIAL …
1 1 RECORDING REQUESTED BY WHEN RECORDED MAIL TO Space above this line for recorder's use_____DURABLE POWER OF ATTORNEYFOR FINANCIAL management (NAME), Principal to (NAME), AgentNotice to Person Executing DURABLE POWER of AttorneyA DURABLE POWER of ATTORNEY is an important legal document. By signing the DURABLE POWER ofattorney, you are authorizing another person to act for you, the principal. Before you sign thisdurable POWER of ATTORNEY , you should know these important facts: Your agent ( ATTORNEY -in-fact) has no duty to act unless you and your agent agree otherwise inwriting. This document gives your agent the powers to manage, dispose of, sell, and convey yourreal and personal property, and to use your property as security if your agent borrows money onyour behalf.
2 This document does not give your agent the POWER to accept or receive any of yourproperty, in trust or otherwise, as a gift, unless you specifically authorize the agent to accept orreceive a gift. Your agent will have the right to receive reasonable payment for services provided under thisdurable POWER of ATTORNEY unless you provide otherwise in this POWER of ATTORNEY . The powers you give your agent will continue to exist for your entire lifetime, unless youstate that the DURABLE POWER of ATTORNEY will last for a shorter period of time or unless you otherwiseterminate the DURABLE POWER of ATTORNEY . The powers you give your agent in this DURABLE POWER ofattorney will continue to exist even if you can no longer make your own decisions respecting themanagement of your property.
3 You can amend or change this DURABLE POWER of ATTORNEY only by executing a new durablepower of ATTORNEY or by executing an amendment through the same formalities as an original. Youhave the right to revoke or terminate this DURABLE POWER of ATTORNEY at any time, so long as you arecompetent. This DURABLE POWER of ATTORNEY must be dated and must be acknowledged before a notarypublic or signed by two witnesses. If it is signed by two witnesses, they must witness either (1) thesigning of the POWER of ATTORNEY or (2) the principal's signing or acknowledgment of his or hersignature. A DURABLE POWER of ATTORNEY that may affect real property should be acknowledged beforea notary public so that it may easily be recorded. You should read this DURABLE POWER of ATTORNEY carefully.
4 When effective, this DURABLE powerof ATTORNEY will give your agent the right to deal with property that you now have or might acquire inthe future. The DURABLE POWER of ATTORNEY is important to you. If you do not understand the durable2power of ATTORNEY , or any provision of it, then you should obtain the assistance of an ATTORNEY orother qualified to Person Accepting the Appointment as ATTORNEY -in-FactBy acting or agreeing to act as the agent ( ATTORNEY -in-fact) under this POWER of ATTORNEY youassume the fiduciary and other legal responsibilities of an agent. These responsibilities include: 1. The legal duty to act solely in the interest of the principal and to avoid conflicts of interest. 2. The legal duty to keep the principal's property separate and distinct from any otherproperty owned or controlled by you.
5 You may not transfer the principal's property to yourselfwithout full and adequate consideration or accept a gift of the principal's property unless this powerof ATTORNEY specifically authorizes you to transfer property to yourself or accept a gift of theprincipal's property. If you transfer the principal's property to yourself without specific authorizationin the POWER of ATTORNEY , you may be prosecuted for fraud and/or embezzlement. If the principal is65 years of age or older at the time that the property is transferred to you without authority, you mayalso be prosecuted for elder abuse under Penal Code Section 368. In addition to criminalprosecution, you may also be sued in civil court. I have read the foregoing notice and I understand the legal and fiduciary duties that I assumeby acting or agreeing to act as the agent ( ATTORNEY -in-fact) under the terms of this POWER of ATTORNEY .
6 Date: _____ (Signature of agent)_____ (Print name of agent) 3 DURABLE POWER OF ATTORNEY FOR FINANCIAL MANAGEMENTTo Become Effective Upon ExecutionThis DURABLE POWER of ATTORNEY for FINANCIAL management shall become effective upon the executionby the POWER of ATTORNEY shall continue after the principal's incapacity in accordance with its the death of the principal, this POWER shall terminate and the assets of the principal shall bedistributed to the duly appointed personal representative of the principal's estate; or, if no estate is beingadministered, to the persons who lawfully take the assets without the necessity of administration when theyhave supplies the agent with satisfactory documents as provided by WHOM IT MAY CONCERN:(Name), who presently resides at (Address), (City), California hereby appoints (Name), whosecurrent residence is (Address), California, as the principal's true and lawful ATTORNEY -in-fact (agent) for theprincipal and authorizes said agent to act in the principal's name, place, and , (Name), specifically grant my agent the following authority:Real Property Management1.
7 To manage, control, rent, lease, sublease, and otherwise act concerning the principal's interest inthe real property owned at the date of incapacity, the addresses, assessor's parcel number, and the legaldescriptions are set forth in Attachment A to this document. Further, to collect and receive rents or incometherefrom; pay taxes, charges, and assessments on the same and to repair, maintain, protect, preserve,alter, and improve the same. The agent may contract on the principal's behalf regarding the same; and doall things necessary or expedient necessary in the agent's judgment in connection with the Property Transfers2. To grant, sell, transfer, mortgage, deed in trust, convey, pledge, and otherwise encumber anddeal in the real property described in this instrument and to execute such instruments as the agent considersproper, specifically including but not limited to the POWER to:(a) Represent the principal in negotiations for the sale of the real property described in thisinstrument, including but not limited to entering into listing agreements with brokers or other agentsregarding such sale.
8 (b) Execute, acknowledge, and deliver contracts of sale, escrow instructions, deeds,covenants, agreements, assignments of agreements, and all other documents needed with respect to thesale of the real property described in this Property Purchases3. To purchase real property on the principal's behalf; to mortgage, pledge, or otherwise encumbersuch newly acquired property; to commit the resources of the principal with respect to purchase of suchproperty; to do all acts and execute all documents necessary for the purchase of such property; and tootherwise generally deal in all respects and have all powers described in this POWER of ATTORNEY with respectto such Accounts4. To deposit in and draw on any checking, savings, agency, or other accounts that the principalmay have in any banks or FINANCIAL institutions, and any accounts with securities brokers or othercommercial institutions, and to establish and terminate all such Deposit Boxes5.
9 To have access to all safe deposit boxes in the principal's name or to which the principal is anauthorized signatory; to contract with FINANCIAL institutions for the maintenance and continuation of safedeposit boxes; and to terminate contracts for all such safe deposit Cards6. To use any credit cards in the principal's name, to make purchases, and to sign charge slips onbehalf of the principal as may be required to use such credit cards; and to close the principal's chargeaccounts and terminate the principal's credit cards when the agent considers such acts to be in theprincipal's best To invest and reinvest the principal's funds in every kind of property, real, personal, or mixed andevery kind of investment, specifically including, but not limited to, corporate obligations of every kind;preferred or common stocks; shares of investment trusts, investment companies, and mutual funds.
10 Andmortgage To manage and control all partnership interests owned by the principal and to make all decisionsthe principal could make as a general partner, limited partner, or both; and to execute all documentsrequired of the principal as such partner, all to the extent that the agent's designation for such purposes isallowed by law and is not in contravention of any partnership or other To demand, sue for, and collect all sums of money, debts, accounts, legacies, bequests, interest,dividends, annuities, and demands that are now, or may later become, due or payable to the principal,including any benefits payable by any governmental body or agency, including Supplemental SocialSecurity (SSI), Medi-Cal, Medicare, and Social Security Disability Insurance (SSDI).