Power of attorney form: how to choose, fill out and sign one

The short answer: a power of attorney form lets someone else, your agent, act for you in money, property or health matters.

• No standard form works for all 50 states; use your state's own version
• Types: durable, general, limited, springing and medical
• Sign the way your state requires, often in front of a notary
• Who can override a power of attorney
• Free printable: keep a copy where your agent can find it with our emergency binder starter pages, including a documents checklist (we email it to you)
• Next step: Plan it with the If Something Happens to Me Binder ($11.99).

A power of attorney form is the legal document you sign to let someone else, your agent, act for you in money, property or health matters. Investopedia's guide to powers of attorney explains that there is no standard form for all 50 states, so the right form is usually your state's own version, signed the way your state requires. Here is how to pick the right type, fill it out, sign it, what your agent's duties are and who can override a power of attorney if something goes wrong. This is general information, not legal advice.

Your agent can only act on what they can find. Our If Something Happens to Me Binder gathers bank and financial accounts, insurance policies, bills, key contacts and where to find documents in one binder.

Which power of attorney form do you need?

For planning ahead in case of illness, most families pair a durable financial power of attorney with a medical power of attorney. Investopedia cautions that a springing form must be worded very carefully so it is clear when the triggering event has happened.

Where to get the form

• Your state's statutory form. Many states publish an official durable power of attorney form, often through the state bar, court system or attorney general.
• Legal aid. If cost is a barrier, the Legal Services Corporation's Get Legal Help search can point you to free help if you qualify.
• An estate planning lawyer, especially for complex situations.
• Your bank or brokerage. Some prefer their own form in addition to a general one; ask before you need it.

How to fill out a power of attorney form

1. Write your full legal name and address as the principal.
2. Name your agent and at least one alternate, with full names and contact details.
3. Choose the powers. Many forms list powers such as banking, real estate, taxes, benefits and retirement accounts, with a box to initial for each one you grant.
4. Add limits or instructions, for example "may not make gifts" or "must provide a monthly accounting to my daughter."
5. Mark it durable if you want it to keep working if you become incapacitated. Investopedia notes this designation is what keeps the power in effect.
6. Choose when it starts: immediately, or only on incapacity (springing).
7. Sign in front of a notary and any required witnesses. Investopedia notes notarization is required in most states.
8. Record it if needed. Some states require a POA used for real estate to be recorded with the county.

Financial power of attorney: what it can cover

A financial power of attorney is the version most people mean when they say "POA." The National Institute on Aging's affairs checklist lists a durable power of attorney for finances among the common legal documents to prepare, alongside a will and a living trust. Typical powers include:

Government benefits are an exception. The CFPB has separate guides for people appointed by a government agency to manage benefits such as Social Security or VA checks, because those agencies appoint their own fiduciary and may not act on a power of attorney alone.

How to get power of attorney

For your own planning, the steps are the ones above: pick the type, use your state's form, name an agent and alternate, and sign with a notary. Estate planning resources from the American Bar Association and your state bar association explain how a POA fits with a will, trusts and health care documents if you want the bigger picture.

To get power of attorney for someone else, that person has to sign it. You cannot sign for them, and a bank will not accept a form the principal did not sign while competent.

Power of attorney for an elderly parent

Timing matters most. A parent who still understands their finances can sign a durable power of attorney naming you. A parent who has lost that ability cannot, and the family may have to ask a court to appoint a guardian or conservator, which takes longer and costs more.

• Talk while your parent is well. Bring it up alongside other planning, such as a will.
• Bring the form to their bank early. Ask whether the bank will accept it or wants its own form too.
• Ask a lawyer about fees before the appointment if you use one. NIA suggests asking about costs up front.
• Set up permissions separately. NIA notes your parent can give doctors, banks and insurers permission to talk with you, which is different from naming you as agent.
• Keep records from day one. The CFPB guides explain that agents must keep the principal's money separate and record every transaction.

NIA also suggests keeping important papers in one place, such as a fireproof and waterproof safe, and keeping copies at home if originals are in a safe deposit box.

Your agent's duties

The CFPB's Managing Someone Else's Money guides are written for people named as agents under a power of attorney. They explain four basic duties:

The guides also explain how to spot financial exploitation and where to report it.

Who can override a power of attorney?

• The principal, at any time while still mentally competent, by revoking it in writing and telling the agent and institutions.
• A court, which can remove an agent, require an accounting or appoint a guardian or conservator if the agent is not acting in the principal's interest. Family members or others can ask the court to step in.
• A later document. A newer power of attorney may revoke an older one if it says so.

A bank or other institution may also decline to accept a form it has concerns about, which is one reason to use your state's official form.

Choosing your agent

The agent does not need to be a lawyer. Investopedia points out the person is often a trusted family member or friend. Look for someone who:

• is organized and pays their own bills on time;
• lives close enough, or is comfortable handling things online and by phone;
• will keep records without being asked;
• gets along well enough with the rest of the family to explain decisions;
• understands that the money is yours, not an early inheritance.

Name an alternate in case your first choice cannot serve. Some people name two co-agents, but requiring both signatures can slow things down, so many forms let you choose whether co-agents may act separately.

Mistakes to avoid

• Using a form from another state that your bank or county will not accept.
• Forgetting to mark it durable, so it stops working exactly when it is needed.
• Granting gifting powers by accident. Read every initialed box.
• Never telling the agent where the original is.
• Waiting too long. Once someone has lost capacity, it is usually too late to sign, and the family may need to go to court for a guardianship.

Getting the paperwork in one place

A signed power of attorney only helps if your agent can find it and knows your accounts. The If Something Happens to Me Binder ($11.99, printable PDF) has Bank & Financial Accounts, Insurance Policies, Bills & Subscriptions, Property & Vehicles, Key Contacts and Where to Find Documents pages, so the person you name has a map of what they are managing. If you are the agent caring for a parent, the Caregiver Organizer ($6.99) keeps a Care Expense Log, insurance and documents and care team contacts together, which helps with the record-keeping duty.

See also how to make a will, the living will guide and our emergency binder checklist.