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What is Power of Attorney?

Power of Attorney A Power of Attorney grants someone legal authority to act on behalf of another person in financial, legal, or healthcare matters.



Sample template:



POWER OF ATTORNEY


This Power of Attorney ("Agreement") is entered into and effective as of [DATE], by and between David R Anderson ("Principal") and Amanda J Mitchell ("Agent").

1. Appointment of Agent

1.1. Authority to Act


The Principal hereby appoints the Agent and authorizes the Agent to act as his lawful attorney-in-fact for the purposes, with the powers and authorities, and upon the terms and subject to the conditions set forth in this Agreement.



2. Scope of Authority

2.1. Financial Matters


The Agent shall have full authority to manage and conduct the financial affairs of the Principal, including but not limited to, the authority to: open, close, and manage accounts at any financial institution; make deposits, withdrawals, and transfers; pay, process, or negotiate checks, drafts, or other instruments; execute promissory notes, acceptances, bills of exchange, or other debt instruments; access and manage safety deposit boxes; collect, receive, and give receipt for any debts, securities, or other moneys payable to the Principal; invest and reinvest in stocks, bonds, or other securities; and borrow money upon such terms and conditions as the Agent shall determine.



2.2. Legal Matters


The Agent shall have full authority to take any legal action necessary or appropriate to protect the interests of the Principal, including the authority to: retain and consult with legal counsel; bring or defend any lawsuits or legal proceedings on behalf of the Principal; settle, compromise, or release any claims, lawsuits, or proceedings, with or without the commencement of litigation; sign and execute any documents related to such legal matters, including settlements, releases, and waivers;



3. Duration of Authority

3.1. Commencement


The powers and authorities granted to the Agent under this Agreement shall be effective immediately upon execution of this Agreement and shall continue in full force and effect until the termination of this Agreement in accordance with Section 4.



3.2. Termination on Specified Date


Unless terminated earlier pursuant to Section 4.1, this Agreement shall terminate automatically on the date specified at the end of this paragraph: [SPECIFY DATE].



4. Termination

4.1. Termination by Principal


This Agreement may be terminated at any time by the Principal by giving written notice to the Agent stating the effective date of termination.



4.2. Death or Incapacity of Principal


This Agreement shall terminate immediately upon the death or incapacity of the Principal, except as provided in Section 5.1.



5. Continuation of Authority in Certain Circumstances

5.1. Springing Authority


Notwithstanding Section 4.2, the Agent's powers and authority under this Agreement shall continue in force until the Agent receives actual knowledge of the Principal's death or incapacity if the Principal has executed this Agreement to grant the Agent "springing" authority that is effective only upon the Principal's incapacity, as evidenced by the written certification of the Principal's physician.



6. Liability and Indemnification

6.1. Limitation of Liability


Unless the Agent engages in willful misconduct or gross negligence, the Agent shall not be liable to the Principal or any other party for any act or omission performed by the Agent in good faith as authorized by this Agreement.



6.2. Indemnification


To the fullest extent permitted by law, the Principal shall indemnify the Agent against any loss, liability, cost, or expense incurred by the Agent arising out of, related to, or in connection with any act or omission performed by the Agent in good faith under this Agreement.



7. Governing Law and Venue

7.1. Governing Law


This Agreement, and all matters arising out of or relating to this Agreement, shall be governed by and construed in accordance with the laws of the United States and the laws of the State of [STATE] applicable to contracts made in and to be performed in that State, without regard to the conflict of laws provisions thereof to the extent such principles or rules would require or permit the application of the laws of any jurisdiction other than those of the United States and the State of [STATE].



7.2. Venue and Jurisdiction


Any action based upon this Agreement or the matters arising hereunder shall be brought and maintained solely and exclusively in an appropriate federal or state court located in the State of [STATE] and each of the parties hereto consents to the jurisdiction and venue of such courts for that purpose.



IN WITNESS WHEREOF, the undersigned have executed this Power of Attorney as of the date first above written.

______________________________ ______________________________
David R Anderson Amanda J Mitchell
Principal Agent

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Sections of a Power of Attorney


In this Power of Attorney, you will see the following sections:

  1. Appointment of Agent
  2. Scope of Authority
  3. Duration of Authority
  4. Termination
  5. Continuation of Authority in Certain Circumstances
  6. Liability and Indemnification
  7. Governing Law and Venue


Going indepth - Analysis of each section:

  1. Appointment of Agent : This section establishes that the Principal (David R Anderson) appoints the Agent (Amanda J Mitchell) to act on their behalf. The Agent is given the authority to make decisions and take actions as specified in the agreement.

  2. Scope of Authority : This section outlines the specific powers and responsibilities the Agent has, including managing financial matters and handling legal matters on behalf of the Principal. It provides a detailed list of actions the Agent is authorized to take.

  3. Duration of Authority : This section explains when the Agent's authority begins and ends. The authority starts immediately upon signing the agreement and continues until the agreement is terminated, either by a specified date or through other means outlined in the Termination section.

  4. Termination : This section describes the various ways the agreement can be terminated, such as by the Principal giving written notice, the death or incapacity of the Principal, or automatically on a specified date.

  5. Continuation of Authority in Certain Circumstances : This section explains that the Agent's authority may continue even after the Principal's death or incapacity if the Principal has granted "springing" authority, which only becomes effective upon the Principal's incapacity as certified by a physician.

  6. Liability and Indemnification : This section limits the Agent's liability for actions taken in good faith under the agreement, unless they engage in willful misconduct or gross negligence. It also states that the Principal will indemnify the Agent for any losses or expenses incurred due to actions taken in good faith under the agreement.

  7. Governing Law and Venue : This section establishes that the agreement is governed by the laws of the United States and a specific state, and that any legal disputes related to the agreement must be brought in a court located in that state. Both parties consent to the jurisdiction and venue of those courts.

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