Fiduciary Duty Power of Attorney
Fiduciary Duty Power of Attorney
This Power of Attorney is created to grant authority to [Your Name], hereinafter referred to as the "Principal", to appoint [Trustee's Name], hereinafter referred to as the "Trustee" or "Attorney-in-Fact", to act on behalf of the Principal with the highest standard of care and loyalty.
I. Grant of General Authority
The Principal grants the Trustee full authority to act on their behalf in specified matters, including those necessary to fulfill responsibilities. This encompasses all actions required to carry out outlined roles, subject to any stated limitations.
II. Roles and Responsibilities Transferred to the Trustee
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Financial Management: The Trustee shall have the authority to manage all financial affairs of the Principal, including but not limited to banking transactions, investment decisions, tax matters, and the buying or selling of assets. The Trustee shall exercise this authority prudently and in the best interest of the Principal, adhering to the highest fiduciary standards
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Property Management: The Trustee shall have the authority to manage and oversee all real and personal property owned by the Principal. This includes, but is not limited to, the maintenance, rental, sale, or purchase of properties. The Trustee shall act in the wishes and best interests of the Principal, always prioritizing the preservation and enhancement of the Principal's assets.
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Legal Representation: The Trustee shall have the authority to represent the Principal in legal matters, including the initiation, defense, or settlement of legal proceedings. The Trustee shall engage competent legal counsel as necessary and shall act with utmost diligence and loyalty in safeguarding the legal rights and interests of the Principal.
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Healthcare Decision-Making: If expressly authorized by the Principal, the Trustee shall have the authority to make healthcare decisions on behalf of the Principal. This includes the consent to or refusal of medical treatments, surgeries, and other healthcare interventions. The Trustee shall exercise this authority by the Principal's wishes, as expressed in any advance directives or healthcare instructions provided by the Principal.
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Accountability and Reporting: The Trustee shall maintain accurate records of all transactions and decisions made on behalf of the Principal. The Trustee shall provide regular reports to the Principal and shall make the records available for inspection upon request. The Trustee shall act transparently and shall be accountable for all actions taken under this Power of Attorney.
III. Compensation
The Trustee shall serve without compensation for their services rendered under this Power of Attorney unless otherwise agreed upon in a separate agreement signed by both the Principal and the Trustee. The Trustee may be entitled to reimbursement for reasonable expenses incurred in the performance of their duties, subject to the approval of the Principal or as otherwise provided by law.
IV. Effective Date and Duration
This Power of Attorney shall become effective immediately upon execution by the Principal and shall remain in effect until revoked by the Principal or terminated by operation of law. The authority granted herein shall continue notwithstanding the subsequent disability or incapacity of the Principal unless expressly revoked in writing by the Principal or terminated by court order.
V. Signature Section
The Trustee accepts the responsibilities outlined in this Power of Attorney and agrees to act in the best interests of the Principal.
Principal:
[YOUR NAME]
Trustee:
[TRUSTEE'S NAME]
WITNESS ACKNOWLEDGEMENT
We, the undersigned witnesses, hereby acknowledge that the above-named Principal has signed this Power of Attorney in our presence on the date stated above.
Witness 1:
[Witness 1 full name]
[Date]
Witness 2:
[Witness 2 full name]
[Date]
NOTARY ACKNOWLEDGEMENT
On this day of in the year , before me, a Notary Public in and for said County and State, personally appeared [Your Name], known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged that they executed the same for the purposes therein contained.
Witness my hand and official seal.
[Notary Public's Name]
My Commission Expires:
