The Delaware Notice to Principal form serves as an important document in the context of a durable power of attorney. By signing this form, the individual, referred to as the Principal, designates an Agent to manage their financial affairs, which may include selling or encumbering property without prior notice. It is crucial for the Principal to fully understand the powers granted to their Agent, as these can continue even in the event of incapacitation.
To ensure your interests are protected, consider filling out the form by clicking the button below.
The Delaware Notice to Principal form is an essential document that plays a significant role in managing personal affairs through a Durable Personal Power of Attorney. This form empowers an individual, known as the Principal, to designate an Agent who will have the authority to handle various aspects of the Principal's property. The powers granted can include the ability to sell or dispose of real and personal property without needing prior approval from the Principal. Importantly, this power remains effective even if the Principal becomes incapacitated, unless explicitly revoked. The form also outlines the responsibilities of the Agent, emphasizing the need for trust and due care in managing the Principal's assets. Furthermore, the Principal can choose to appoint one or more Agents, either to act independently or jointly. It is crucial for anyone considering this form to fully understand its implications and seek legal advice if there are any uncertainties. The Delaware Code provides further details on the powers and duties involved, ensuring that both Principals and Agents are aware of their rights and obligations under this legal arrangement.
When filling out the Delaware Notice to Principal form, there are important steps to follow. Here’s a list of what you should and shouldn’t do:
Delaware Durable Personal Power of Attorney
Notice to Principal
As the person signing this durable power of attorney, you are the Principal. The purpose of this power of attorney is to give the person you designate (your "Agent") broad powers to handle your property, which may include powers to sell, dispose of, or encumber any real or personal property without advance notice to you or approval by you.
This power of attorney does not authorize your Agent to make health- care decisions for you.
Unless you specify otherwise, your Agent's authority will continue even if you become incapacitated, or until you die or revoke the power of attorney, or until your Agent resigns or is unable to act for you. You should select someone you trust to serve as your Agent.
This power of attorney does not impose a duty on your Agent to exercise granted powers, but when powers are exercised, your Agent must use due care to act for your benefit and in accordance with this power of attorney.
Your Agent must keep your funds and other property separate from your Agent's funds and other property.
A court can take away the powers of your Agent if it finds your Agent is not acting properly.
The powers and duties of an Agent under a durable power of attorney are explained more fully in Delaware Code, Title 12, Chapter 49A, Section 49A-114 and Sections 49A-201 through 49A-217.
If there is anything about this form that you do not understand, you should ask a lawyer of your own choosing to explain it to you.
I have read or had explained to me this notice and I understand its contents.
________________________ ______________
PrincipalDate
Durable Personal Power of Attorney Form
As the person completing this form, you are the Principal. This form gives another person the power to act on your behalf. The other person is your Agent.
This form allows you to designate:
(1)one Agent at a time and up to two Agents in succession;
(2)two or more Agents who may act independently of each other (Concurrent Agents); or
(3)two or more Agents who must act together (Joint Agents).
If your Agent is unable or unwilling to act for you, your power of attorney will end unless you have named a successor Agent(s).
IF YOU HAVE QUESTIONS ABOUT THIS POWER OF ATTORNEY OR THE AUTHORITY YOU ARE GRANTING TO YOUR AGENT(S), YOU SHOULD SEEK LEGAL ADVICE BEFORE COMPLETING AND SIGNING THIS FORM.
Designation of Agent
I, ________________________, name the following person(s) as my
(Name of Principal)
Agent(s):
Name of Agent:___________________________________________
Agent's Address:__________________________________________
Agent's Telephone Number:_________________________________
DESIGNATION OF ADDITIONAL OR SUCCESSOR AGENTS (OPTIONAL) Name of Agent:___________________________________________
EFFECTIVE OCTOBER 1, 2010
2
If more than one Agent has been named above, I intend for those Agents to:
________ Act successively, one after the other.
________ Act concurrently, independent of each other.
________ Act jointly, such that neither may act alone.
You must sign ONE of these two choices:
______________________________
This power of attorney is effective
Sign here if this is your choice
immediately, and shall not be affected
by my subsequent incapacity.
This power of attorney is effective only
if and while I am incapacitated as
determined under 12 Del. C. § 49A-
109(c).
Grant of General Authority
You should READ the terms of each category of power or authority listed below before granting any of them to your Agent(s). A full explanation of each power or authority is in the Delaware Code. The Delaware Code is available online.
Search: Delaware Code, Title 12, Chapter 49A, and then go to the number next to
the category. Example: Real Property, Section (§) 49A-204. The Delaware Code may also be available at your local library.
I grant my Agent(s) general authority to act for me with respect to the following categories of powers. INITIAL each category you want to include in the Agent's general authority. CROSS OUT each category you do not want to include in the Agent's general authority.
If you do not initial a category listed below, powers associated with that category will NOT be included as part of your Agent's general authority.
____ Real Property § 49A-204
____ Tangible Personal Property § 49A-205
____ Stocks and Bonds § 49A-206
____ Commodities and Options § 49A-207
____ Banks and Other Financial Institutions § 49A-208
____ Operation of Entity or Business § 49A-209
____ Insurance and Annuities § 49A-210
____ Estates, Trusts, and Other Beneficial Interests § 49A-211
____ Claims and Litigation § 49A-212
____ Personal and Family Maintenance § 49A-213
____ Benefits from Governmental Programs or Civil or Military Service § 49A-214
____ Retirement Plans § 49A-215
____ Taxes § 49A-216
____ Gifts § 49A-217
3
Grant of Specific Authority
Giving your Agent(s) any of the following powers will give your Agent(s) the authority to take actions that could significantly reduce your property or change how and to whom your property is distributed at your death.
You should READ the terms describing each power before granting any of them to your Agent(s). INITIAL each power you want to include in the Agent's authority. CROSS OUT each power you do not want to include in the Agent's authority.
If you do not initial a power listed below, it will NOT be included as part of your Agent's specific authority.
____ Create, amend, revoke, or terminate an inter vivos trust
____ Make a gift in excess of the limitations provided in the Durable Personal
Power of Attorney Act, 12 Del. C. § 49A-217
____ Create or change rights of survivorship
____ Create or change a beneficiary designation
____ Delegate authority granted under the power of attorney when all successor
Agents have resigned, died, become incapacitated, are no longer qualified to serve, or have declined to serve
____ Exercise fiduciary powers that the Principal has authority to delegate
____ Reject, renounce, disclaim, release, or consent to a reduction in or
modification of a share in or payment from estate, trust, or other beneficial interest
Any person, including my Agent(s), may rely upon this power of attorney or a copy of it unless that person knows it has terminated or is invalid.
Revocation of Prior Power of Attorney
If you have previously executed a power of attorney granting authority covered in this document, indicate below whether or not you wish to revoke the prior power of attorney. Initial your selection below:
________All my previously executed powers of attorney are hereby revoked.
________My previously executed powers of attorney hereby remain in effect.
________Other. Explain.______________________________________________
___________________________________________________________________
_________________________________________________________________
4
IF YOU HAVE QUESTIONS ABOUT THIS POWER OF ATTORNEY OR THE AUTHORITY YOU ARE GRANTING TO YOUR AGENT(S), YOU SHOULD SEEK LEGAL ADVICE BEFORE SIGNING THIS FORM.
IN WITNESS WHEREOF, I have hereunto set my Hand and Seal this ____ day of
____________, 20____ .
_______________________________
Principal’s Signature
Print Principal’s Name
SIGNED, SEALED, AND DECLARED by the Principal, ________________,
as his/her Durable Personal Power of Attorney in the presence of the following witness, who has signed in the presence of and at the request of the Principal on the day and year appearing above.
I, the witness, swear that I am not related to the Principal by blood, marriage, civil union, or adoption; and that I am not entitled to any portion of the estate of the Principal under the Principal's current will or codicil, or under any current trust instrument of the Principal.
________________________________ of ________________________________
(Seal) Witness Signature
________________________________
Print name
STATE OF DELAWARE :: SS.
COUNTY OF _________________ :
This Durable Power of Attorney was signed by the Principal, witnessed by the person aforesaid, and acknowledged before me, the Subscriber, a Notary Public, this
________ day of ______________ 20____.
Notary Public
5
Statement to Agent
Agent’s Duties
When you accept the authority granted under this power of attorney, a special legal relationship is created between you and the Principal. This relationship imposes upon you legal duties that continue until you resign or the power of attorney is terminated or revoked. You must:
(1)do what you know the Principal reasonably expects you to do with the Principal's property or, if you do not know the Principal's expectations, act in the Principal's best interest;
(2)act in good faith;
(3)do nothing beyond the authority granted in this power of attorney;
(4)disclose your identity as an Agent whenever you act for the Principal by writing or printing the name of the Principal and signing your own name as "Agent" in the following manner:
(Principal's Name) by (Your Signature) as Agent
and
(5)to the extent reasonably practicable under the circumstances, keep in regular contact and communication with the principal.
Except as otherwise provided in the power of attorney, you must also:
(1)not act for your own benefit;
(2)avoid conflicts that would impair your ability to act in the Principal's best interest;
(3)act with care, competence, and diligence;
(4)keep a record of all receipts, disbursements, and transactions made on behalf of the Principal;
(5)cooperate with any person who has authority to make health-care decisions for the Principal; and
(6)not act in a manner inconsistent with the Principal's testamentary plan.
Termination of Agent's Authority
You must stop acting on behalf of the Principal if you learn of any event that terminates this power of attorney or your authority under this power of attorney. Events that terminate this power of attorney or your authority to act under it include:
(1)death of the Principal;
(2)the Principal's revocation of the power of attorney or your authority;
(3)the occurrence of a termination event stated in the power of attorney;
(4)the purpose of the power of attorney is fully accomplished; or
(5)an action is filed with a court for your separation, annulment, or divorce from the Principal, unless the Principal otherwise provided in the power of attorney that such action will not terminate your authority.
6
Liability of Agent
The authority granted to you is specified in the Durable Personal Power of Attorney Act, Delaware Code, Title 12, Chapter 49A. If you violate the Act, or act outside the scope of the authority granted, you may be liable for any damages caused by your violation.
If there is anything about this document or your powers, authority, or duties as Agent that you do not understand, you should seek legal advice.
Agent’s Certification
I, ________________________, have read the attached durable power of attorney
and the foregoing statement, and I am the person identified as the Agent for the Principal. To the best of my knowledge, this power has not been revoked. I hereby acknowledge that, in the absence of a specific provision to the contrary in the durable power of attorney, when I act as Agent:
I shall exercise my powers for the benefit of the Principal.
I shall keep the assets of the Principal separate from my assets. I shall exercise reasonable caution and prudence.
I shall keep a full and accurate record of all actions, receipts and disbursements on behalf of the Principal.
I shall, to the extent reasonably practicable under the circumstances, keep in regular contact with the Principal and communicate with the Principal.
__________________________
Agent Signature
Date
Effective October 1, 2010
7
The Delaware Durable Personal Power of Attorney Notice to Principal form shares similarities with the General Durable Power of Attorney form. Both documents empower an individual, known as the Principal, to designate an Agent who will manage their financial affairs. The General Durable Power of Attorney also remains effective even if the Principal becomes incapacitated, allowing the Agent to act without needing further consent. Importantly, like the Delaware Notice, it emphasizes the need for the Principal to choose a trustworthy Agent, as this person will have significant control over the Principal's assets.
Another document that aligns closely with the Delaware Notice is the Healthcare Power of Attorney. While the focus of the Healthcare Power of Attorney is on medical decisions rather than financial matters, both forms grant authority to an Agent to act on behalf of the Principal. The Healthcare Power of Attorney allows the designated Agent to make healthcare decisions if the Principal is unable to do so. This highlights the importance of having trusted individuals in both financial and medical contexts, ensuring that the Principal's wishes are respected in various aspects of their life.
The Living Will is yet another document that bears resemblance to the Delaware Notice. A Living Will outlines the Principal's preferences regarding medical treatment in situations where they may not be able to communicate their wishes. While the Delaware Notice focuses on financial authority, both documents serve to protect the Principal's interests and ensure that their choices are honored. They both reflect the importance of planning for the future and making decisions in advance about who will act on behalf of the Principal.
For those looking to navigate the complexities of vehicle transactions, the detailed Motor Vehicle Bill of Sale document is an essential tool that helps confirm ownership transfer while detailing critical specifics about the sale.
The Revocation of Power of Attorney form is also similar in function to the Delaware Notice. This document allows a Principal to formally cancel any previously granted powers of attorney, including those that may have been established under the Delaware Notice. Both documents underscore the Principal's right to change their mind about who they want to manage their affairs, ensuring that they maintain control over their financial and legal decisions throughout their lifetime.
Lastly, the Durable Power of Attorney for Finances form shares key characteristics with the Delaware Notice. This document specifically grants an Agent the authority to handle financial matters, similar to the powers outlined in the Delaware Notice. Both forms are designed to remain effective during the Principal's incapacitation, reinforcing the idea that planning for financial management is essential. Ultimately, both documents aim to provide clarity and security for the Principal's financial affairs, ensuring that their intentions are followed even when they can no longer manage those affairs themselves.
Not reading the entire form carefully. It's essential to understand each section before filling it out.
Failing to designate a trusted Agent. Choose someone you trust completely, as they will have significant authority.
Overlooking the need for a successor Agent. If your primary Agent cannot act, your power of attorney may become ineffective.
Not initialing or crossing out categories of authority. If you don’t specify what powers your Agent has, they may have more authority than you intend.
Ignoring the revocation of prior powers of attorney. Clearly state if you want previous documents revoked to avoid confusion.
Choosing multiple Agents without clarity on their roles. Decide whether they will act together, independently, or in succession.
Neglecting to sign and date the form correctly. An unsigned or undated document may not be valid.
Failing to consult with a lawyer if unsure. Legal advice can clarify any uncertainties and ensure the document meets your needs.
When dealing with the Delaware Notice to Principal form, several other documents are often necessary to ensure clarity and legality in the delegation of powers. Below is a list of these documents, each serving a specific purpose in the process.
These documents work together to provide a comprehensive legal framework for managing the Principal's affairs. It is crucial to understand each form's purpose and ensure they are completed correctly to avoid complications in the future.
Completing the Delaware Notice to Principal form is an important step in designating someone to manage your affairs should you become unable to do so. This process requires careful consideration, as the person you choose will have significant authority over your financial matters. Follow these steps to fill out the form correctly.
Once you have completed the form, keep a copy for your records and provide copies to your Agent(s). It's wise to discuss your decisions with your Agent(s) to ensure they understand your wishes. If any questions arise during this process, consider consulting a legal professional for guidance.
What Taxes Does Delaware Have - When applying for an extension, you must also report any Delaware income tax that has already been withheld.
For those involved in the child support process in Texas, it is essential to be well-versed in the required documentation. The Child Support Texas form plays a vital role in this process, ensuring clear obligations for both the obligor and obligee. Familiarizing yourself with this form will aid in the effective management of child support responsibilities. For additional resources, you can access All Texas Forms to find more information and assistance in navigating your child support journey.
Delaware Transcript Request - Be aware of any holds on your student account that may block transcript release.