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The Tennessee Durable (Financial) Power of Attorney corroborates a written intent to bestow a person with authority to manage indicated actions related to designated financial affairs of another. The contract seeks to confirm the understanding of the allocated permissions with a provision that the controls stay active should the principal become incapacitated. The endowment of powers can be specified at the discernment of the declaring party, allowing for an arrangement that will match their needs. The adjustable form can grant agency for managing, signing, and acting on behalf of the principal in areas of financial holdings, taxes, and/or legal proceedings. The state of Tennessee requires that the document be executed with the assistance of either a notary public or two (2) disinterested witnessing individuals to properly confirm the commitment.

Laws

Statute – Uniform Durable Power of Attorney Act ( § 34-6-101 – § 34-6-112)

Definition – “A durable power of attorney is a power of attorney by which a principal designates another as the principal’s attorney in fact in writing and the writing contains the words “This power of attorney shall not be affected by subsequent disability or incapacity of the principal,” or “This power of attorney shall become effective upon the disability or incapacity of the principal,” or similar words showing the intent of the principal that the authority conferred shall be exercisable, notwithstanding the principal’s subsequent disability or incapacity” (§ 34-6-102).

Signing Requirements – A notary or two (2) verified witnesses must acknowledge the document’s signing to authenticate (§ 34-6-203).