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The Pennsylvania Durable (Financial) Power of Attorney permits an alternate person to act on behalf of a bestowing principal for specified areas of their financial holdings. This particular legal document provides powers that remain active until revoked, even if the declarant becomes incapacitated. Because of this measure of durability, it is advised to select an attorney-in-fact wisely and to perhaps seek legal guidance before executing the commitment. Authorities can be allotted as needed by applying the principal’s initials to each desired category as instructed. Finalizing the contract can be carried out once all requested signatures have been received with aid and endorsement of a notary and two (2) witnessing parties.

Laws

Statute – Pennsylvania Statutes Title 20, Chapter 56 – Powers of Attorney

Definitions – “A durable power of attorney is a power of attorney by which a principal designates another his agent in writing. The authority conferred shall be exercisable notwithstanding the principal’s subsequent disability or incapacity. A principal may provide in the power of attorney that the power shall become effective at a specified future time or upon the occurrence of a specified contingency, including the disability or incapacity of the principal” (§ 5604(a)).

Signing Requirements – A notary public and two (2) witnesses must be present to record and authenticate the execution of the form (§ 5601(b)).