Checklist

Power of Attorney Preparation Checklist

Topic: Power of Attorney

1. Decide which type of POA you need A durable POA stays effective if you become incapacitated; a non-durable one does not. Health-care and financial POAs are usually separate documents. State rules vary.
2. Choose your agent carefully Pick someone trustworthy, organized, and willing to serve. Name at least one successor agent.
3. Define the powers granted Be specific about what the agent may and may not do — broad powers are convenient but increase risk. State rules vary.
4. Talk to your chosen agent first Make sure they understand the role and accept it before you sign anything.
5. Check your state's execution requirements Many states require witnesses, notarization, or specific statutory wording for a POA to be valid. State rules vary.
6. Consider limits and safeguards You can require co-agents, set spending limits, or require accountings to reduce the risk of misuse. State rules vary.
7. Sign and store the original safely Keep the original where your agent can access it when needed, and keep copies for banks and institutions.
8. Give copies to relevant institutions Banks and brokerages often have their own acceptance procedures — ask what they require in advance. State rules vary.
9. Review the POA periodically Update it after moves, relationship changes, or changes in state law. An old POA can be hard to use.