Financial Directive Powers: Real Estate, Business, Medicaid, Tax, Personal Property
What if I already have a power of attorney? How will the financial directive still help me? A standard power of attorney is intended to grant general powers of attorney to your agent. A Financial Directive has very specific powers granted by the Principal (you) to the Agent, such as, but NOT all-inclusive:
1. Collection powers to forgive, request, demand, demand, recover, collect, receive, withhold all sums of money, debts, fees, commercial paper, checks, drafts, accounts, deposits, legacies, legacies, foreign exchange, promissory notes, interests. , Stock certificates, bonds, dividends, certificates of deposit, annuities, pension, profit sharing, retirement, social security, insurance and other benefits and contractual earnings, all title documents, all property, real or personal property, intangible or tangible assets and rights and claims of any kind, liquidated or not liquidated, now or in the future of your property, or owed, payable or belonging to you or in which you have or may acquire an interest in the future.
2. Powers of real estate to negotiate, contract, agree, opt, buy, acquire, receive, improve, maintain, repair, insure, plan, divide, safeguard, lease, perish, grant, negotiate, sell, assign, transfer, deliver , assign, exchange, transfer, mortgage and mortgage real estate and any interest in them (including any interest you have with any other person as co-owners with full rights of survival, or as tenants in their entirety), land, housing and inheritance, for said price, according to the terms and conditions determined by your Agent. You can add more specific powers that address potential circumstances more specific to your circumstance.
3. Personal property. Faculties to negotiate, contract, agree, buy, opt, acquire, receive, improve, maintain, repair, insure, safeguard, lease, assign, sell, exchange, redeem, transfer, mortgage, mortgage and in any and all forms and ways of dealing with goods, merchandise, merchandise, furniture and fixtures, automobiles, invoices, promissory notes, bonds, bonds, stocks, shares in limited partnerships, certificates of deposit, commercial paper, money market instruments and other securities, choose in action and other tangible or intangible personal property in possession or in action, for said price, according to the terms and conditions that your Agent determines … and more specifically according to your circumstances.
4. Banking powers to make, withdraw, sign with your name, deliver and accept checks, money orders, money receipts, notes or other orders for the payment of money, or make withdrawals from any business, checking or savings account that you may have in your sole name or in joint name with your spouse or other person (s), in any bank or financial institution, for any purpose that your Agent deems necessary, advisable or appropriate; and endorse and negotiate on your behalf and deliver checks, money orders, promissory notes, bills, certificates of deposit, commercial paper, money market instruments, bills of exchange or other instruments for the payment of money and deposit it, in cash or for collection. , and cash in any business, checking or savings account that you may have in your sole name or in joint name with your spouse or other person (s), in any bank or financial institution and to carry out all your ordinary banking activities. Specifically, you, the Principal, authorize your Agent to do all of the following:
A. Continue, modify and cancel an account or other banking arrangement made by or on behalf of the Principal.
B. Establish, modify and cancel an account or other banking arrangement with a bank, trust company, savings and loan association, credit union, savings company, industrial loan company, brokerage company or other financial institution selected by the Agent .
C. Hire or close a safe or a space in a vault.
D. Contract to acquire other services available from a financial institution that the Agent deems convenient.
E. Withdraw by check, order or otherwise money or property of the Principal deposited or left in the custody of a financial institution.
F. Receive bank statements, vouchers, notices and similar documents from a financial institution and act on them.
G. Have access to any safe deposit box of which you are a tenant or co-tenant with full power to remove or change the contents of it from time to time; and change or deliver the box and keys, renew any rental contract and do whatever is required by any depository, association or bank or its agents, releasing the lessor from any responsibility in relation to it.
H. Borrow money at an interest rate acceptable to the Agent and pledge as collateral the personal property of the Principal necessary to borrow, pay, renew or extend the time of payment of a debt of the Principal.
I. Make, assign, withdraw, endorse, discount, guarantee and negotiate promissory notes, checks, drafts and other negotiable or non-negotiable papers of the Principal, or payable to the Principal or by order of the Principal, receive cash or other income from those transactions, and accept a draft drawn by a person on the Principal and pay it when due.
J. Receive for the Principal and act according to a draft at sight, a deposit slip or other negotiable or non-negotiable instrument.
K. Apply for and receive letters of credit, credit cards, and traveler’s checks from a financial institution, and award an indemnity or other agreement in connection with the letters of credit.
5. Tax returns. Prepare, execute, and file tax reports, tax returns, income tax returns, tax forms, and tax returns for any and all tax purposes, including income, donations, real estate, personal property, tax on intangibles, the single commercial tax or any other type of tax. in any event, pay such taxes and any interest or penalties or additions to make and present objections, protests, claims for reduction, refund or credit in relation to any proposed, levied or paid tax; to signify, as required by the 1986 United States Internal Revenue Code, as amended, or any applicable future United States law, your consent for one-half of any gift made by your spouse to be deemed made by you to represent you and to initiate and prosecute proceedings in court or before any administrative authority to challenge said tax in whole or in part or to recover any amount paid with respect to said tax, to defend or settle any amount paid with respect to any said tax , to give a complete and final receipt of any refund or credit and to endorse and cash any check or other evidence; pay each and every such tax and any additional interest, penalty or other amounts; to employ attorneys, accountants or other representatives and to grant powers or letters of appointment for any of the stated purposes … (omitted for this article)
6. Personal and family maintenance. The Principal authorizes the Agent to carry out all the necessary acts to maintain the usual standard of living of the Principal, the Principal’s spouse, the Principal’s intimate partner, the common-law partner, the children and other persons with habitual or legal right to support. by the Principal, including the provision of housing by purchase, lease, or other contract, or by paying operating costs, including interest, amortization payments, repairs, and taxes on facilities owned and occupied by the Principal.
7. Business interests. To continue conducting or participating in any business in which you may be involved, or to carry out, modify or amend any agreement to which you may be a party, and sell, exchange, modify or terminate such interest to or with such person. or persons that your Agent deems appropriate and in the terms and with the security that your Agent deems appropriate. Execute association agreements and amendments. Incorporate, reorganize, merge, consolidate, recapitulate, sell, liquidate or dissolve any business. Elect or employ officers, directors and agents to carry out the provisions of any agreement for the sale of any business interest or the shares therein. And more specifically, the Principal empowers the Agent to do all of the following: … (omitted for this article)
8. Social Security and Government Benefits Medicare, Medicaid or other Government Programs, or Civil or Military Service, to prosecute, defend, submit to arbitration, reach an agreement and propose or accept a commitment with respect to any benefit to which the Principal may be entitled. receive. Receive financial income from a claim of the type described in this section, keep, invest, disburse or use anything received for a legal purpose. To apply to any government agency for any government benefit or obligation to which you may be entitled. Endorse checks or money orders made payable to you by any government agency for your benefit, including Social Security checks.
9. And so on, and so on. For the purposes of this article, the intent of this writer is to demonstrate the level of specificity tailored to your specific needs.