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Tennessee durable power of attorney

General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability - Tennessee 2025

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The document is a General Durable Power of Attorney under Tennessee law, allowing the Principal to appoint an Agent to manage their financial and property affairs even if they become disabled or incompetent. It grants broad powers to the Agent, including handling real and personal property, managing finances, conducting business, and making legal decisions on behalf of the Principal. The document emphasizes the importance of understanding its implications and provides options for specific authorities that can be granted or limited. It also includes provisions for revocation, nomination of guardianship, and indemnity for the Agent.

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What are the disadvantages of a durable power of attorney?

One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

Is a durable power of attorney effective immediately in Tennessee?

As soon as you sign the document, a power of attorney takes effect. However, under your direction, it will take effect when you become incapacitated. You do have the option to choose the person you assigned, if necessary.

What is the difference between power of attorney and durable power of?

A general power of attorney gives someone wide legal authority. However, it ends if the person giving it becomes unable to make decisions. In contrast, a durable power of attorney stays in effect even if the person loses mental capacity. Both types are important for different situations.

What is the difference between power of attorney and financial power of attorney?

A power of attorney allows one person to give legal authority to another person to act on their behalf. A medical power of attorney allows for another person to make medical decisions for you, while a financial power of attorney authorizes another person to make financial decisions for you.

What is a durable financial power of attorney in Tennessee?

Choosing between durable and general depends on what you need for the future. We suggest talking to an estate planning lawyer to see which one is right for you. In short, durable powers of attorney give better protection if someone cant make decisions and keep decision-making going.