DURABLE FINANCIAL POWER OF ATTORNEY

(Alaska – Compliant with current state power-of-attorney law)

[// GUIDANCE: This template is drafted for use by Alaska-licensed attorneys or attorneys working in association with Alaska counsel. All bracketed items MUST be completed, modified, or deleted before execution. Remove all GUIDANCE comments prior to finalizing the document.]

TABLE OF CONTENTS

I. Document Header
II. Definitions
III. Operative Provisions
    3.1 Appointment of Agent
    3.2 Grant of Authority
    3.3 Durability; Commencement; Termination
    3.4 Standards of Conduct
    3.5 Liability Cap
    3.6 Co-Agents; Successor Agents
IV. Representations & Warranties
V. Covenants & Restrictions
VI. Default & Remedies
VII. Risk Allocation
VIII. Dispute Resolution
IX. General Provisions
X. Execution Block

I. DOCUMENT HEADER

1.1 Title and Parties

This Durable Financial Power of Attorney (the “Power” or this “Agreement”) is executed on [EFFECTIVE DATE] (the “Effective Date”) by [PRINCIPAL LEGAL NAME], residing at [PRINCIPAL ADDRESS] (the “Principal”), in favor of [AGENT LEGAL NAME], residing at [AGENT ADDRESS] (the “Agent”).

1.2 Recitals

A. Principal desires to appoint Agent to manage Principal’s property and financial affairs in accordance with Alaska’s power-of-attorney law (the “Act”).
B. Principal intends this Power to be durable, meaning it shall not be terminated by Principal’s subsequent incapacity.
C. The parties wish to set forth their respective rights and obligations to ensure clarity, minimize potential disputes, and protect the Principal’s interests.

[// GUIDANCE: If consideration is necessary for ancillary agreements, add recital C referencing such consideration.]

II. DEFINITIONS

For purposes of this Power, the following terms shall have the meanings set forth below. Defined terms appear in initial capital letters throughout this Agreement.

“Act” means the Alaska power-of-attorney statutes, as amended from time to time.
“Assets Under Management” means all property subject to the Agent’s authority under Section 3.2.
“Co-Agent” means any person appointed to serve concurrently with the Agent pursuant to Section 3.6.
“Durable” has the meaning assigned in the Act; namely, the Power is not affected by the Principal’s incapacity.
“Governing Law” has the meaning given in Section 8.1.
“Incapacity” means the inability of the Principal to manage property or business affairs because the Principal: (a) has an impairment in the ability to receive and evaluate information or make or communicate decisions even with the use of technological assistance, or (b) is missing, detained (including incarceration), or outside the United States and unable to return.
“Liability Cap” has the meaning given in Section 3.5.
“Probate Court” means the Superior Court of the State of Alaska, Probate Division, or any successor court exercising probate jurisdiction.
“State” means the State of Alaska.

[// GUIDANCE: Add or delete defined terms to align with the customized grant of authority.]

III. OPERATIVE PROVISIONS

3.1 Appointment of Agent

Principal hereby designates and appoints [AGENT LEGAL NAME] as Principal’s true and lawful attorney-in-fact. Principal may also designate:
(a) [OPTIONAL CO-AGENT NAME] as Co-Agent; and/or
(b) [SUCCESSOR AGENT NAME] as first successor Agent to serve if the Agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve.

3.2 Grant of Authority

(a) Scope. Subject to the limitations in subsection (b) and except as otherwise specifically restricted herein, Agent is granted authority with respect to all matters that may be delegated under the Act, including without limitation:
1. Real property transactions;
2. Tangible personal property transactions;
3. Stock, bond, and other securities transactions;
4. Banking and other financial institution transactions;
5. Safe-deposit box access;
6. Insurance and annuity transactions;
7. Retirement plan transactions;
8. Digital assets and electronic communications;
9. Claims and litigation;
10. Personal and family maintenance;
11. Governmental benefits;
12. Tax matters; and
13. Any and all other lawful acts regarding the Principal’s property.

(b) Hot Powers Requiring Express Authority. Agent may exercise the following powers ONLY if the corresponding box is initialed by the Principal:

[// GUIDANCE: The Act requires express authorization for “hot powers.” Customize as needed.]

3.3 Durability; Commencement; Termination

(a) Durability. This Power is durable and shall remain in effect notwithstanding Principal’s incapacity.
(b) Commencement. Select one:
• _ This Power is effective immediately upon execution.
• _ This Power becomes effective only upon (i) certification of Incapacity by a licensed physician, or (ii) [OTHER TRIGGER].
(c) Termination. This Power shall terminate on the earliest of:
1. Principal’s death;
2. Written revocation by Principal pursuant to Section 3.4(e);
3. Full resignation, death, or Incapacity of all acting Agents without a successor willing and able to serve; or
4. As otherwise required by the Act.
(d) Effect of Termination. Termination shall not affect (i) Agent’s exculpation for actions properly taken before termination, or (ii) third-party protections under the Act.

3.4 Standards of Conduct

(a) Fiduciary Duty. Agent shall act in good faith, within the scope of authority granted herein, and in the Principal’s best interest, consistent with the Principal’s reasonable expectations, personal values, and tax-planning objectives to the extent actually known to the Agent.
(b) Record-Keeping. Agent shall maintain contemporaneous records of all receipts, disbursements, and significant actions taken on behalf of the Principal and shall provide a written accounting to the Principal or the Probate Court upon reasonable request.
(c) Delegation. Agent may delegate investment and management functions that a prudent investor of comparable skills could properly delegate under similar circumstances, provided that Agent exercises reasonable care in selecting, instructing, and periodically reviewing any delegate.
(d) Compensation & Reimbursement. Agent is entitled to [REASONABLE COMPENSATION / NO COMPENSATION] and to reimbursement for reasonable expenses incurred.
(e) Revocation Procedure. The Principal may revoke this Power by (i) executing a written instrument of revocation that identifies this Power by date and by Agent, and (ii) delivering such instrument to the Agent and any known third parties relying on this Power. Revocation is effective upon delivery unless the revocation instrument states otherwise.

3.5 Liability Cap

Except for acts or omissions constituting willful misconduct, gross negligence, or bad faith, Agent’s personal liability to the Principal, the Principal’s estate, or any third party shall not exceed the value of the Assets Under Management at the time the act or omission giving rise to liability occurred (the “Liability Cap”).

3.6 Co-Agents; Successor Agents

(a) Multiple Agents. If Co-Agents are appointed, they may act [JOINTLY / SEVERALLY]. Absent contrary indication, each Co-Agent may exercise the full authority granted herein independently.
(b) Successor Acceptance. A successor Agent accepts appointment by executing the Acceptance attached hereto.
(c) Resignation. An Agent may resign by delivering written notice to (i) the Principal, if competent, (ii) any Co-Agent, and (iii) any successor Agent. If no successor exists or is willing to serve, any interested person may seek appointment of a conservator or alternate fiduciary in the Probate Court.

IV. REPRESENTATIONS & WARRANTIES

4.1 By Principal
(a) Capacity. Principal is of legal age and sound mind and is executing this Power voluntarily.
(b) Title to Assets. Principal represents that all Assets Under Management are owned legally and beneficially by the Principal, free of undisclosed liens, except as otherwise disclosed in Schedule A attached hereto.

4.2 By Agent
Agent represents and warrants:
(a) Qualification. Agent is at least 18 years of age and not disqualified under the Act.
(b) Understanding of Duties. Agent has reviewed the Act and understands the fiduciary obligations assumed under this Power.
(c) No Conflicts. Agent is not currently engaged in any transaction that would create a conflict of interest with the Principal’s best interests.

4.3 Survival
All representations and warranties shall survive the termination of this Power with respect to acts or omissions occurring during the term hereof.

V. COVENANTS & RESTRICTIONS

5.1 Affirmative Covenants
Agent shall:
(a) Act prudently and in accordance with applicable investment standards;
(b) File timely tax returns and pay taxes due on behalf of the Principal when funds are available;
(c) Keep Principal’s property separate from Agent’s own property; and
(d) Provide [QUARTERLY / ANNUAL] written reports to [INTERESTED PERSON OR ENTITY].

5.2 Negative Covenants
Without the prior written consent of the Principal or authorization of the Probate Court, Agent shall not:
(a) Make loans to Agent or Agent’s affiliates;
(b) Create or amend beneficiary designations naming Agent as a beneficiary except in the capacity of spouse or child consistent with pre-existing estate plans;
(c) Create joint accounts with rights of survivorship naming the Agent; or
(d) Exercise any authority that would eliminate or diminish the Liability Cap.

5.3 Notice & Cure
In the event of an alleged breach by Agent, the complaining party shall give written notice describing the breach in reasonable detail. Agent shall have 30 days to cure before any action is filed, except where irreparable harm would result.

VI. DEFAULT & REMEDIES

6.1 Events of Default
The following constitute defaults:
(a) Agent’s material breach of fiduciary duty;
(b) Misappropriation or commingling of Principal’s assets;
(c) Failure to provide required accountings after written demand;
(d) Incapacity or bankruptcy of Agent where no successor steps in within 15 days; or
(e) Any other ground for removal under the Act.

6.2 Remedies
Upon default, the Principal, a court-appointed conservator, or an interested person may:
(a) Petition the Probate Court for injunctive relief, removal of Agent, appointment of a conservator, or surcharge of Agent;
(b) Compel an accounting;
(c) Seek damages subject to the Liability Cap; and
(d) Recover reasonable attorneys’ fees and costs incurred in enforcement, which shall be borne personally by the Agent if the Agent is found in breach.

VII. RISK ALLOCATION

7.1 Indemnification
Agent shall indemnify and hold harmless the Principal and the Principal’s estate from and against any losses, liabilities, or expenses arising out of Agent’s breach of fiduciary duty or acts outside the scope of authority granted by this Power.

7.2 Insurance
Agent [SHALL / MAY] procure fiduciary liability insurance with minimum coverage of [$ AMOUNT], naming the Principal as additional insured.

7.3 Force Majeure
Agent shall not be liable for failure to perform where performance is rendered impossible by an event outside Agent’s reasonable control, provided Agent makes commercially reasonable efforts to resume performance promptly.

VIII. DISPUTE RESOLUTION

8.1 Governing Law
This Power and all disputes arising hereunder shall be governed by the laws of the State of Alaska (the “Governing Law”), without regard to conflict-of-laws principles.

8.2 Forum Selection
Exclusive jurisdiction and venue for any judicial proceeding shall lie with the Probate Court.

8.3 Limited Arbitration
Notwithstanding Section 8.2, any dispute solely between Co-Agents or between an Agent and a Successor Agent concerning interpretation of this Power (excluding petitions for injunctive relief or matters affecting the Principal’s Incapacity, which remain within the Probate Court’s jurisdiction) shall be submitted to binding arbitration before a single arbitrator in [CITY, ALASKA] in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect.

8.4 Jury Waiver
To the fullest extent permitted by law, the parties waive trial by jury in any action arising out of or relating to this Power, except where such waiver is prohibited by statute with respect to claims for elder financial abuse or similar protective proceedings.

8.5 Injunctive Relief
Nothing in this Article VIII shall limit the right of the Principal or an interested person to seek equitable or injunctive relief in the Probate Court to prevent or remedy breach of Agent’s fiduciary duties.

IX. GENERAL PROVISIONS

9.1 Amendment & Waiver
This Power may be amended only by a written instrument executed with the same formalities as this Power. No waiver shall be effective unless in writing and signed by the party charged therewith.

9.2 Assignment & Delegation
Agent may not assign rights or delegate duties under this Power except as expressly permitted in Section 3.4(c).

9.3 Successors & Assigns
This Power shall inure to the benefit of, and be binding upon, the Principal, the Principal’s heirs and estate, the Agent, and their respective successors and permitted assigns.

9.4 Severability
If any provision of this Power is determined invalid or unenforceable, the remaining provisions shall continue in full force, and the invalid provision shall be reformed to the minimum extent necessary to effectuate the Principal’s intent.

9.5 Integration
This Power constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior powers of attorney and oral agreements regarding such subject matter.

9.6 Counterparts; Electronic Signatures
This Power may be executed in counterparts, each of which shall be deemed an original, and all of which together shall constitute one instrument. Signatures delivered by facsimile, PDF, or other electronic means shall be deemed original signatures.

X. EXECUTION BLOCK

[// GUIDANCE: Alaska requires notarization of the Principal’s signature for a durable power of attorney. Two disinterested witnesses are recommended, though not statutorily required.]

10.1 Principal’s Signature

[PRINCIPAL LEGAL NAME], Principal
Date: _____

10.2 Notary Acknowledgment

State of Alaska )
: ss.
County of ___ )

On this _ day of _, 20__, before me, the undersigned notary public, personally appeared [PRINCIPAL LEGAL NAME], proved to me on the basis of satisfactory evidence to be the person whose name is subscribed to this instrument, and acknowledged that he/she executed the same for the purposes therein contained.

Notary Public in and for the State of Alaska
My commission expires: _______

10.3 Agent’s Acceptance

I, [AGENT LEGAL NAME], hereby accept the foregoing appointment, acknowledge my fiduciary duties under Alaska law, and agree to act in accordance with the terms of this Power.

[AGENT LEGAL NAME], Agent
Date: _____

10.4 Witness Signatures (Optional but Recommended)

As witnesses to the Principal’s signature and at the Principal’s request, we declare that the Principal appears to be of sound mind and free from duress, and that the Principal signed or acknowledged this Power of Attorney in our presence.

1. ____ Date: __
   [WITNESS #1 NAME], residing at [ADDRESS]

2. ____ Date: __
   [WITNESS #2 NAME], residing at [ADDRESS]

SCHEDULE A

(Disclosure of Liens and Encumbrances)

[// GUIDANCE: Attach a schedule if the Principal wishes to disclose existing liens, community-property interests, or other encumbrances. Delete if not used.]

[// GUIDANCE: End of template. Perform a final review to ensure all bracketed items have been tailored, all cross-references are correct, and any optional provisions not used are removed. Retain execution pages on separate sheets if desired for recording convenience.]