A Tennessee power of attorney grants a citizen of the state the legal rights to choose someone to stand in for him/her in all matters relating to his/her finances, businesses, taxes and child care cases. The one who grants these powers to the other is known as the principal while the other party is known as a proxy, agent or attorney-in-fact.
It is at the sole discretion of the principal to make the arrangement a durable one or leave it non-durable. This article reveals a lot more about power of attorney Tennessee and what the laws of the state say about it.
The Following are some of the critical components that have been included in this template:
-
- Description of the property
- Details of the buyer and seller (or the transferor and transferee)
- Details of purchase and cost
- Information on applicable laws
What is Tennessee Power of Attorney?
By signing a power of attorney form Tennessee, a principal agrees to being represented by an agent in all matters or specific matters as dictated by the content of the document. If this agent is expected to continuously represent the principal beyond when the principal is incapacitated, it is known as a durable power of attorney Tennessee. Otherwise, it is non-durable.
The contents of the power of attorney form must conform to Title 34, Chapter 6 of the Tennessee Code. In terms of a durable power of attorney TN, the state has adopted the Uniform Durable Power of Attorney Act allowable in most states in the US.
Overcome The Transfer Challenges With Our Power of Attorney Form TN Template
Our Tennessee power of attorney form template has helped hundreds and thousands to cope with the unfortunate challenges of the future. Now it is your turn to safeguard your future interests.
Download the form template in PDF format from below.
What's Covered in a Tennessee Power of Attorney?
The following are what is covered in chapter 6 of the Tennessee Code:
- Conservatorship: The laws of the state say that should a conservator or guardian be appointed; the principal’s agents remain accountable to them.
- Revocation: The state laws state that the demise of the principal does not in any way invalidate the decisions of the agent as long as they were made without knowledge of the principal’s death and these decisions or actions bind the principal’s successors.
- Durability of power of attorney: A power of attorney TN is only seen as durable if it clearly stated that the powers will not be revoked on subsequent disability of the principal or the principal’s incompetence.
Types of Power of Attorney in Tennessee
Durable power of attorney:
With a durable power of attorney, the powers vested on the agent do not expire with the incapacitation of the principal. The agent is allowed to make decisions and take actions in the name of the principal beyond when the principal no longer has a sound sense of judgement.
Medical power of attorney:
This advance directive gives the agents powers to dictate to doctors and caregivers how they should manage the care of the principal when he/she becomes incapacitated.
Power of attorney for minor child(ren):
A principal may make arrangements for a third party to assume parental responsibility for a minor during a particular period using a power of attorney for minors.
Why Would You Use a Tennessee Power of Attorney Form?
Citizens of the state should consider filling and executing a Tennessee power of attorney form if they;
- wish to give someone temporary powers to act in their name when they are out of the country for a while in child care, or financially-related matters
- wish to authorize a family member to take decisions on their behalf should they become incapacitated
Overcome The Transfer Challenges With Our Power of Attorney Form TN Template
Our Tennessee power of attorney form template has helped hundreds and thousands to cope with the unfortunate challenges of the future. Now it is your turn to safeguard your future interests.
Download the form template in PDF format from below.
What Are The Power of Attorney Requirements in Tennessee?
All power of attorney forms TN must be signed and executed according to the provisions of the Tennessee law to be regarded as valid or effective. Here are some other requirements to be met:
- Documents should be signed by the principal and agent
- In the case of a healthcare power of attorney, the signing should be witnessed by people who do not share personal interests in the transfer of authority. Another option is getting it notarized by a notary public.
- For a power of attorney for tax, the agent must be named and the relationship with the principal clearly written out.
- Document must also contain the date of execution and powers granted to the agent
Since an agent is meant to act in the best interests of the principal or grantor, the latter is legally permitted to revoke this power of attorney when he/she no longer feels comfortable with the agent representing his/her interests. The principal also needs not state any particular reasons.
However, the principal must notify the agent and sign a new power of attorney form or a revocation form to make the revocation effective. Although optional, it is also recommended that the grantor informs every business partner he/she is involved with that the agent no longer has the legal rights to represent his/her interests.
Drafting a power of attorney Tennessee shouldn’t be difficult if you know where to look. CocoSign has a lot of downloadable and free templates and fillable forms you can start with and they are free!
DOCUMENT PREVIEW
- To receive and deposit funds in any financial institution, and to withdraw funds by check or otherwise to pay for goods, services, and any other personal and business expenses for my benefit. If necessary, to effect my attorney-in-fact’s powers, my attorney-in-fact is authorized to execute any document required to be signed by such banking institution.
________ SAFE DEPOSIT BOX - To have access at any time or times to any safe-deposit box rented by me or to which I may have access, wheresoever located, including drilling, if necessary, and to remove all or any part of the contents thereof, and to surrender or relinquish said safe-deposit box; and any institution in which any such safe-deposit box may be located shall not incur any liability to me or my estate as a result of permitting my attorney-in-fact to exercise this power.
________ LENDING OR BORROWING - To make loans in my name; to borrow money in my name, individually or jointly with others; to give promissory notes or other obligations therefor; and to deposit or mortgage as collateral or for security for the payment thereof any or all of my securities, real estate, personal property, or other property of whatever nature and wherever situated, held by me personally or in trust for my benefit.
________ GOVERNMENT BENEFITS - To apply for and receive any government benefits for which I may be eligible or become eligible, including but not limited to, Social Security, Medicare and Medicaid.
________ RETIREMENT PLAN - To contribute to, select payment option of, roll-over, and receive benefits of any retirement plan or IRA I may own, except my attorney-in-fact shall not have power to change the beneficiary of any of my retirement plans or IRAs.
________ TAXES - To complete and sign any local, state and federal tax returns on my behalf, pay any taxes and assessments due and receive credits and refunds owed to me and to sign any tax agency documents necessary to effectuate these powers.
________ INSURANCE - To purchase, pay premiums and make claims on life, health, automobile and homeowners' insurance on my behalf, except my attorney-in-fact shall not have the power to cash in or change the beneficiary of any life insurance policy.
________ REAL ESTATE
- To acquire, purchase, exchange, lease, grant options to sell, and sell and convey real property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, deeds, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith.
________ PERSONAL PROPERTY - To acquire, purchase, exchange, lease, grant options to sell, and sell and convey personal property, or any interests therein, on such terms and conditions, including credit arrangements, as my attorney-in-fact shall deem proper; to execute, acknowledge and deliver, under seal or otherwise, any and all assignments, transfers, titles, papers, documents or instruments which my attorney-in-fact shall deem necessary in connection therewith; to purchase, sell or otherwise dispose of, assign, transfer and convey shares of stock, bonds, securities and other personal property now or hereafter belonging to me, whether standing in my name or otherwise, and wherever situated.
________ POWER TO MANAGE PROPERTY- To maintain, repair, improve, invest, manage, insure, rent, lease, encumber, and in any manner deal with any real or personal property, tangible or intangible, or any interests therein, that I now own or may hereafter acquire, in my name and for my benefit, upon such terms and conditions as my attorney-in-fact shall deem proper.
________ GIFTS - To make gifts, grants, or other transfers (including the forgiveness of indebtedness and the completion of any charitable pledges I may have made) without consideration, either outright or in trust to such person(s) (including my attorney-in-fact hereunder) or organizations as my attorney-in-fact shall select, including, without limitation, the following actions: (a) transfer by gift in advancement of a bequest or devise to beneficiaries under my will or in the absence of a will to my spouse and descendants in whatever degree; and (b) release of any life interest, or waiver, renunciation, disclaimer, or declination of any gift to me by will, deed, or trust
________ LEGAL ADVICE AND PROCEEDINGS - To obtain and pay for legal advice, to initiate or defend legal and administrative proceedings on my behalf, including actions against third parties who refuse, without cause, to honor this instrument.
SPECIAL INSTRUCTIONS: On the following lines are any special instructions limiting or extending the powers I give to my attorney-in-fact (Write “None” if no additional instructions are given):
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
