Delaware Durable Financial Power of Attorney Form

The Delaware Durable Financial Power of Attorney Form will allow a Principal to designate an Attorney In Fact/Agent broad powers to handle your property. Such powers may include powers to sell, dispose of, or encumber any real estate or personal property without advance notice to you or approval by you. This document does not authorize your Agent to make any health-care decisions for you. Unless you otherwise specify, your Agent’s authority will be allowed to continue even if/when the Principal becomes incapacitated, incompetent, disabled or until the Principal passes away or revokes the power of their agent, or until the selected Agent resigns or is unable or unwilling to act for you. (See CHAPTER 49A – § 49A-301 Statutory)

1 – Download And Review The Form

The Principal should download the form, using the button at the top of this page, then begin by carefully reviewing the page titled “Notice to Principal.” This will require verification:

  • Once this page has been read the Principal must sign his or her name on the space labeled “Principal”
  • In the space labeled “Date,” the Principal must document the date he or she has signed this page

2 – Designation of Agent and Successor Agent(s)

The Principal should read the introduction to this section. When the Principal is ready, he or she may begin by providing the following:

  • The Principal shall enter his or her name onto the first blank line (labeled “Name of Principal”)

In the “Agent” section, enter the following information for your initial designee:

  • Name of Agent
  • Agent’s Physical Address
  • Agent’s Telephone Number

The Principal may name up to two additional successor agent(s). If so, then under the heading “Designation of Additional or Successor Agents,” provide the following for each agent in his or her respective areas:

  • Name of Successor Agent
  • Successor Agent’s Physical Address
  • Successor Agent’s Telephone Number

3 – Define Agent Interaction

If you have named more than one potential agent, then select one of the statements following the words “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

4 – Circumstances Of Effect

This section will ask the Principal to a statement that best describes the circumstances in which the Agent retains Principal Authority:

  • If the Agent’s Principal Authority commences immediately and shall not be affected if the Principal is incapacitated, the Principal must sign the space preceding the wording “…power of authority is effective immediately…”
  • If the Agent’s Principal Authority is only in effect when the Principal is incapacitated (as defined under 12 Del. C. § 49A- 109(c), the Principal must sign the space preceding the phrasing “…power of attorney is effective only…”

5 – Granting General Authority

Read the paragraphs beneath the heading “Grant of General Authority” carefully. Once you’ve read the information, initial the powers you choose to grant to your agent. If any of the selections are left blank, your agent will have no right to exercise any of those powers – Select from the following, on the form:

  • 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

6 – Grant of Specific Authority

The Principal should read the “Grant of Specific Authority” section. Below the information provided will be a list of actions the Agent will be able to take with Principal Authority. The Principal should initial the blank line before each statement that defines a power or action the Principal will allow the Agent:

  • Create, amend, revoke, or terminate an intervivos 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

7 – Revocation of Prior Power

In cases where the Principal has already granted a power on this document to another Agent, there will need to be a definition as to which document holds authority. Initial the blank line preceding the statement that applies:

  • All my previously executed powers of attorney are hereby revoked
  • My previously executed powers of attorney hereby remain in effect
  • Other. Explain. (Use the lines on the form for your explanation- add a sheet if needed)

8 – Signature Party Requirements

Prior to providing signatures, you must acquire the services of a notary. Once notary is present, the principal must provide the following:

  • Date of Signature
  • Principal’s Signature
  • Printed name of signature

9 – Notarization and Witness Attestation

  • The notary, after witnessing the signature of the principal, shall complete the remainder of the form by providing required information and affixing their state seal
  • One (1) witness must also attest to the document’s execution.
  • Copies should be made available to all agents and businesses of which the principal holds interest

10 – Agent Certification

Locate the statement under the heading “Agent’s Certification” at the end of the “Statement to Agent” at the end of this form. The Agent must:

  • Read this information
  • Print his or her name on the blank line in the “Agent’s Certification” statement.
  • Sign his or her name verifying acknowledgment of the “Statement to Agent”
  • Enter the Date he or she signed this statement