Durable Power of Attorney Executed by John Research Paper
- Length: 6 pages
- Sources: 2
- Subject: Business - Law
- Type: Research Paper
- Paper: #32280242
Excerpt from Research Paper :
Durable Power of Attorney
Executed by JOHN STANDRIDGE, Social Security number: 123-45-6789
I JOHN STANDRIDGE, residing at 123 Little Lane in Huntsville, Alabama 35804, hereby designate JANE STANDRIDGE, 123 Little Lane in Huntsville, Alabama 35804,, to serve as my agent/attorney in fact. The following terms and conditions apply until such time that it is revoked by me in writing, and are otherwise irrevocable, even in the event of my death or disability:
Authority to Act on my Behalf. I authorize the Agent holding Power of Attorney to act on my behalf, taking into foremost consideration my personal well-being.
Agent's Powers. The Agent is hereby given the power and authority to manage all of my personal and business affairs, and to act on my behalf in all legal matters, present and future.
Property Transactions. The Agent is specifically empowered to manage all of my properties, or interest in properties, including investments, sales, leasing, transfers, exchanges, mortgages, insurance, taxes, and any other dealings. The agent may collect debts on my behalf and also borrow funds and offer my property as collateral in any lending situation.
4. Banking. The Agent is empowered to conduct any and all bank, savings and loan, or credit union business on my behalf, including endorsing checks, depositing and withdrawing money, signing agreements, approving merges, consolidating assets or accounts, liquidating assets, transferring interests, investing, and exercising stock options. The Agent also is granted access to my safety deposit boxes as well the ability to add or remove documents therein. Additionally, the Agent is to serve as my proxy in any dealings regarding stocks, bonds, shares, and other investments.
5. Taxes. The Agent is empowered to prepare, sign, and file all income and business tax forms and related documentation as well as represent my interests to the Internal Revenue service.
6. Legal Proceedings. The Agent may appear on my behalf in any legal or administrative law proceedings as well as settle any claims or debts for which I am liable.
7. Business Dealings. The Agent is granted the authority over my business (es) and household employees, with the ability to hire and dismiss employees, contract workers, legal counsel, and others with whom I do business.
8. Restrictions. The Agent cannot execute or alter a will on my behalf, nor change beneficiaries on any insurance policies held by me. This Durable Power of Attorney Standridges not override any Medical Power of Attorney executed by me.
9. Liability. Unless found to have acted negligently, the Agent will not incur any liability for actions or lack of actions taken while exercising Power of Attorney.
10. Substitute Agent. If [name] is unable or unwilling to act as my Agent, I hereby appoint [name], residing at [address] in [city, state].
Contract Analysis: Durable Power of Attorney
The contract under analysis in this work in writing is a 'Durable Power of Attorney' made by John Standridge to Jane Standridge. John Standridge has designed his wife, Jane Standridge to serve as his agent and has granted to her specific authority to act on his behalf and first among the responsibilities of Jane Standridge in acting on the behalf of John Standridge is to take his personal well-being into consideration.
I. Powers Granted to Jane Standridge by John Standridge
John Standridge has designed Jane Standridge as agent for Durable Power of Attorney and has specified that Jane Standridge is authorized to manage all of his personal and business affairs and has granted Jane Standridge power to act on his behalf in all legal matters both now and in the future.
II. Property Transactions
John Standridge has specified that Jane Standridge is vested with the power to manage all of his properties as well as any interest that he holds in properties. Included in the properties that John Standridge has vested Jane Standridge with the power of overseeing and managing are investments, any sales, lease, transfer, exchange, mortgaging and insuring of property, paying of property taxes and any other various and miscellaneous transactions. Jane Standridge is authorized by the Durable Power of Attorney to collect debts on behalf of John Standridge and has the authority to borrow funds against any property owned by John Standridge presenting that property as collateral against any loan.
III. Banking Powers
John Standridge has vested Jane Standridge with the authority and power to conduct banking, savings and loan or credit union business on his behalf. Included in these powers are endorsing of checks, making of deposits and withdrawal of money. Included are the signing of agreements as well as approving merges, consolidation of assets or accounts, liquidation of assets, transferrable of interests, any investing and exercising of stock options. In addition, Jane Standridge is authorized by the Durable Power of Attorney to access his safety deposit boxes and to add or remove any documents or items and to serve as John Standridge's proxy in any dealings relating to stocks, bonds, shares and other such investments.
John Standridge has authorized Jane Standridge, through the Durable Power of Attorney to prepare as well as sign and file any and all income and business tax forms and other related documents as well as serving as his representative to the Internal Revenue Service (IRS).
V. Legal Proceedings
John Standridge has authorized Jane Standridge through the Durable Power of Attorney, as his agent to appear on his behalf at any legal proceedings in court and to serve as his agent in settling any claims for which is liable as well as to serve as his agent in settling any debts for which he is liable.
VI. Business Dealings
Jane Standridge is authorized by John Standridge through the Durable Power of Attorney to take authority over his businesses and household employees and has the authority to hire and to fire employees as well as any contract workers, legal counsel or representatives and any and all other with whom John Standridge does business.
VII. Restrictions of the Authority of the Durable Power of Attorney
There are restrictions on the powers granted to Jane Standridge in the Durable Power of Attorney in that Jane Standridge does not have the authority to execute or to alter a will of last testament on the behalf of John Standridge, nor does Jane Standridge have the power to change any beneficiaries on any insurance policies held by John Standridge. In addition, the Durable Power of Attorney Standridges not grant Jane Standridge the authority to make any medical decisions or to override any Medical Power of Attorney executed by John Standridge, which designates another individual as his agent with powers to make medical decisions on behalf of John Standridge.
Jane Standridge, unless found to have acted in a negligent manner will not incur any liability or in other words be under civil or criminal penalties for actions or lack of actions taken on the behalf of John Standridge while exercising her authority under the Durable Power of Attorney granted by John Standridge.
IX. Substitute Agent
In the event that Jane Standridge is unable or is unwilling to act as the agent of John Standridge, John Standridge has appointed his daughter, Elizabeth Standridge who resides at 100 Rocket Circle, Huntsville, Alabama 35804 to act as his agent with all the authority set out in the Durable Power of Attorney.
X. Scenario Where the Contract Would Be Used
For the purpose of understanding this Durable Power of Attorney and the authority it bestows on the agent, Jane Standridge, this work will suppose that John Standridge has been declared mentally incompetent to see to his own business dealings. John Standridge owns several properties and Jane Standridge has decided that the properties should be sold because John Standridge, having lost a great deal of money in the stock market, requires additional funds to meet his monthly living expenses. Jane Standridge is granted authority under the Durable Power of Attorney to sell the properties, that is, unless, the properties are involved in a Last Will and Testament and designated to someone upon the death of John Doe. Should this be the case, then the properties would not be able to be sold.
XI. Laws Governing This Contract
The State law governing this contract is the Code of Alabama 1975 Section 26-1-2 which states that a Durable Power of Attorney
"…is a power of attorney by which a principal designates another his or her attorney in fact or agent in writing and the writing contains the words "This power of attorney shall not be affected by disability, incompetency, or incapacity of the principal" or "This power of attorney shall become effective upon the disability, incompetency, or incapacity of the principal" or similar words showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal's subsequent disability, incompetency, or incapacity." (Code of Alabama, 1975)
The agent is bound to act in the best interest of the estate of the individual and in this case, Jane Standridge would be required to act in the best…