Tennessee Financial Power of Attorney Form
FindLaw has partnered with experienced attorneys to create financial power of attorney forms you can complete quickly and easily from the comfort of home. Just follow along with our easy step-by-step process to create a financial power of attorney that is customized to Tennessee’s laws and your unique situation.
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Do I Really Need a Financial Power of Attorney in Tennessee?
You may be lucky enough to never need a power of attorney, but you never know when the unexpected will happen. Having a power of attorney can give you and your loved ones peace of mind that you will be cared for if you become incapacitated.
Powers of attorney allow a person you choose to make decisions for you without a court getting involved. If you do not have a financial power of attorney, a court will appoint someone to handle your finances for you, and the court process can be long, expensive, and stressful for your loved ones.
You also might need a power of attorney when you are healthy. For example, you might want someone to manage your property or a transaction because you are extremely busy or out of the country.
Tennessee Financial Power of Attorney Options
Financial Power of Attorney
For One Person
A do-it-yourself financial power of attorney form that’s easy to personalize.
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How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
Creating an account is easy, quick, and secure. Save your information as you go and return when you have time.
Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Sign & Make It Legal
Sign your document following the instructions on the form. This may include signing in front of witnesses or a notary.
How To Get a Tennessee Power of Attorney
Understand how a POA works in Tennessee
A power of attorney is a legal document that allows you to choose someone to make decisions for you. Most people use a power of attorney to plan for times when they are physically or mentally unable to make their own decisions.
The person who creates a power of attorney is called a principal. An agent or attorney-in-fact is the person the principal selects to make decisions on the principal’s behalf.
A financial power of attorney deals with property or money.
Choose how much power to give your agent
Your agents can have broad authority to make almost every decision you could make for yourself, or you can limit their authority to a specific transaction or specific types of medical decisions.
When planning for incapacity, you should make sure your agents have enough power to care for you and pay your bills. If you limit your agents’ powers too much, they will not have the flexibility to handle unexpected circumstances that could arise when you are incapacitated.
Select your agents
Your agents’ decisions may have long-term consequences for your finances, so you should pick someone you trust to be your agent under a financial power of attorney.
Your agent for financial and property decisions should be good with money and comfortable dealing with banks and financial professionals.
You also should select a successor agent to act as your agent if your original agent is unavailable or unable to serve.
Fill out your form and sign it with the correct number of witnesses
When you finish filling out your form, you need to make sure you comply with Tennessee’s signature and witness requirements.
Tennessee law does not require that you use witnesses when signing a financial power of attorney. However, you should consider using witnesses or a notary public to help your agent convince others that the signature on the document is yours.
Give your form to everyone who will need it
After your documents are signed and witnessed or notarized, you should give copies to everyone who will need them. Your agents will need a copy to prove they have authority to act on your behalf.
It also can be helpful to give a copy of a financial power of attorney to businesses or people you want your agent to deal with.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
Ready to get started on your financial power of attorney? It’s free to start.Create My Form
Tennessee Financial Power of Attorney FAQ
In Tennessee, there are several types of financial powers of attorney:
Durable financial power of attorney
This is a financial power of attorney that is not terminated when the principal is incapacitated. If you want to create a durable financial power of attorney in Tennessee, your power of attorney must use one of the following two phrases (or similar words):
- “This power of attorney shall not be affected by subsequent disability or incapacity of the principal.”
- “This power of attorney shall become effective upon the disability or incapacity of the principal.”
If you use the second phrase, your durable financial power of attorney also will be a springing power of attorney.
Springing financial power of attorney
This power of attorney does not become effective until a later date or event. Most people use springing powers of attorney to keep their agents from having authority until they are incapacitated.
However, you should think twice before using a springing financial power of attorney because your agent should have the ability to act quickly to pay bills and take care of your property. Determining incapacity can take time, and banks and businesses may be reluctant to accept your agent’s authority without strong proof that you are incapacitated.
Nondurable financial power of attorney
This power of attorney is terminated if you become incapacitated. You can use a nondurable power of attorney when you do not want an agent to have authority when you are incapacitated. If you have a nondurable power of attorney, you should have a separate durable power of attorney so an agent can manage your finances when you are incapacitated.
Limited or special financial power of attorney
You can use this power of attorney when you want someone to handle a specific transaction or type of transaction. You could use a limited power of attorney to give someone the authority to sign a specific contract for you, manage your investments, or sell your real estate.
You likely do not need a lawyer to make a financial power of attorney. If you have a good form like the easy-to-use power of attorney forms we offer, you can make your own power of attorney.
However, if you are uncomfortable filling out a form on your own, you can hire an attorney to create your power of attorney. You also can fill out a power of attorney form and ask an attorney to review it. You can find a licensed Tennessee attorney here.
As long as you have the capacity to create a power of attorney, you can revoke one. You should revoke a financial power of attorney by giving your agent a signed document stating the power of attorney is revoked. You should consider having the document notarized and give it to your banks, financial institutions, and any business or person your agent dealt with.
If you want someone to manage your parents’ money, you should talk to them about creating powers of attorney. You can help them fill out a form but if you do, you should avoid being an agent to their financial power of attorney.
Your parents must understand what they are signing. If there is any question about their competency, do not let them sign a form. Speak with a Tennessee licensed attorney. An attorney can discuss options for appointing a guardian for your agent.
Attorneys in Tennessee charge varying costs for powers of attorney. If you shop around, you can see rates between $15o and $3oo per document. Some attorneys also charge by the hour.
Instead of hiring an attorney, you can use a low-cost form like the power of attorney forms we offer for $35.
FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney.
If you have questions after completing your form, you can ask an attorney to review it. Most attorneys will charge less to review a document than they will to create one.
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