Durable Power Of Attorney For Banking Transactions And Safe Deposit Box Access is a legal document intended to grant powers to a representative to operate your bank accounts and access the content of the safe deposit box.
The term Durable in the name of the power attorney indicates that this document does not have expiration even when you are incapacitated to make your own decisions. Therefore, appoint trustworthy agent.
Read this four-page document carefully to understand its scope and provisions prior to signing it before two adult witnesses and notary public of your State. You may designate more than one agent and direct them to act individually or jointly using a provision in this power of attorney. Please use the options mentioned in this durable power of attorney to grant access to specific bank accounts. You may choose to revoke this legal instrument by using the provision on the last page.
Steps To Prepare Durable Power Of Attorney For Banking Transactions And Safe Deposit Box Access
- Enter your name and sign as signing principal while adding the date of singing this durable power of attorney on the first line. Enter similar details along with the signature of the second singing principal in case of a joint account.
- Enter the name of the signing principal/s on the next line. Then enter the name of the agent on the following line.
- Enter the name of the bank on the next line to specify your choice.
- The ensuing part of the power of attorney requires making selection. Select option A in case you want to grant broad and sweeping powers to the agent/s to transact on all accounts you own. Select option B to grant powers to the agent to transact on your behalf for accounts listed on page 4 of Durable Power Of Attorney For Banking Transactions And Safe Deposit Box Access. Select option C when you want to grant access only to the safe deposit box/es.
- Select option A in the subsequent part of the power of attorney in case you want all agents to act individually when you intend to appoint more than one agent. Select option B in case you want all agents to act jointly in your best interest.
- Enter date and sign before two witnesses. Your witnesses must sign in turn to accept witnessing your signature on the power of attorney.
- The next portion of the document is reserved for notarization and inputs like seal and signature of the notary public of your state are required in this portion.
- Enter account numbers as requested in option B of the document to prevent granting broad and sweeping powers to agent/s.
- Each appointed agent must sign agent’s acknowledgement individually after entering the name and date.
- Please use the last portion revocation of power of attorney to cancel the grant of power to the agent’s. you must sign this revocation before two witnesses and handover the copies of the document to agent/s and concerned financial institutions.