California Financial Power of Attorney (Uniform Statutory Form)

California Durable Financial Power of Attorney

FORM-STATUS NOTICE: The catalog title is preserved for URL compatibility. This document is a custom California durable financial power of attorney; it is not a verbatim reproduction of the Uniform Statutory Form in Probate Code section 4401. The official online text of section 4401 directs users to pages 3–5 of Chapter 113, Statutes of 2011, for that statutory form.

Notice to Person Executing Durable Power of Attorney

A durable power of attorney is an important legal document. By signing the durable power of attorney, you are authorizing another person to act for you, the principal. Before you sign this durable power of attorney, you should know these important facts:

Your agent (attorney-in-fact) has no duty to act unless you and your agent agree otherwise in writing.

This document gives your agent the powers to manage, dispose of, sell, and convey your real and personal property, and to use your property as security if your agent borrows money on your behalf. This document does not give your agent the power to accept or receive any of your property, in trust or otherwise, as a gift, unless you specifically authorize the agent to accept or receive a gift.

Your agent will have the right to receive reasonable payment for services provided under this durable power of attorney unless you provide otherwise in this power of attorney.

The powers you give your agent will continue to exist for your entire lifetime, unless you state that the durable power of attorney will last for a shorter period of time or unless you otherwise terminate the durable power of attorney. The powers you give your agent in this durable power of attorney will continue to exist even if you can no longer make your own decisions respecting the management of your property.

You can amend or change this durable power of attorney only by executing a new durable power of attorney or by executing an amendment through the same formalities as an original. You have the right to revoke or terminate this durable power of attorney at any time, so long as you are competent.

This durable power of attorney must be dated and must be acknowledged before a notary public or signed by two witnesses. If it is signed by two witnesses, they must witness either (1) the signing of the power of attorney or (2) the principal's signing or acknowledgment of his or her signature. A durable power of attorney that may affect real property should be acknowledged before a notary public so that it may easily be recorded.

You should read this durable power of attorney carefully. When effective, this durable power of attorney will give your agent the right to deal with property that you now have or might acquire in the future. The durable power of attorney is important to you. If you do not understand the durable power of attorney, or any provision of it, then you should obtain the assistance of an attorney or other qualified person.

1. Principal and Agent

I, [________________________________], of [________________________________], California, appoint the following person as my agent (attorney-in-fact):

Agent name: [________________________________]

Address: [________________________________]

Telephone: [________________________________]

Email: [________________________________]

If that person is unable or unwilling to serve, I appoint:

First successor agent: [________________________________]

Address and telephone: [________________________________]

If that person is also unable or unwilling to serve, I appoint:

Second successor agent: [________________________________]

Address and telephone: [________________________________]

A successor agent may act only after each earlier-named agent has died, resigned, declined to serve, or become unable to act.

2. Immediate Effect and Durability

This power of attorney is effective immediately when I execute it.

This power of attorney shall not be affected by subsequent incapacity of the principal.

It continues until I revoke it or it terminates under applicable law. No physician certification or other incapacity determination is required before my agent may act.

3. General Financial Authority

I grant my agent authority to act for me with respect to all lawful subjects and purposes concerning my property and financial affairs, including authority to:

• buy, sell, exchange, lease, manage, improve, insure, finance, and encumber real and personal property;
• open, close, access, and manage accounts with banks, credit unions, brokerages, and other financial institutions;
• buy, sell, hold, vote, and otherwise manage securities and investment assets;
• operate, reorganize, sell, or wind up a business or ownership interest;
• manage insurance policies and annuities;
• claim, receive, disclaim when separately authorized below, and manage interests in estates, trusts, escrows, and other funds;
• prosecute, defend, settle, or release claims and retain lawyers and other professionals;
• provide for my personal and family maintenance from my property;
• apply for and manage governmental, military, and civil benefits;
• manage retirement plans and accounts, subject to plan terms and federal law;
• prepare, sign, and file tax returns and deal with taxing authorities, subject to any separate agency form required by that authority; and
• sign, deliver, record, and file documents and take other lawful steps reasonably necessary to exercise the authority granted in this instrument.

This instrument does not authorize health-care decisions or the execution or revocation of a will.

4. Digital Assets and Electronic Communications

I grant my agent authority over my digital assets and accounts to the fullest extent permitted by California Probate Code sections 870–884 and other applicable law. This includes authority to access, control, copy, transfer, archive, delete, terminate, and manage digital assets; communicate with custodians; obtain account records; and manage electronically stored financial property and credentials.

I give lawful consent for a custodian to disclose to my agent both the catalogue and the content of my electronic communications, as well as my other digital assets. This direction is subject to any controlling direction I make through a custodian's online tool and to applicable federal law and terms of service.

5. Authority Requiring Express Grant

The following acts are not granted unless I initial the specific line. A blank line means that authority is withheld. Any authority I grant remains subject to the limits written beside it and to applicable law.

Trusts

☐ Principal initials: [____] Create, modify, revoke, or terminate a trust, in whole or in part. Authority to modify or revoke a trust I created may be exercised only as the trust instrument permits.

☐ Principal initials: [____] Fund with my property a trust not created by me or by a person authorized to create a trust for me.

Gifts and Transfers to the Agent

☐ Principal initials: [____] Make or revoke gifts of my property, in trust or otherwise, only as follows: [________________________________].

☐ Principal initials: [____] Transfer my property to the agent, or permit the agent to accept or receive my property as a gift, only as follows: [________________________________].

☐ Principal initials: [____] Make a loan to the agent only on these terms: [________________________________].

Estate-Plan and Ownership Changes

☐ Principal initials: [____] Reject, disclaim, release, or consent to a reduction or modification of my share in or payment from an estate, trust, or other fund.

☐ Principal initials: [____] Create or change survivorship interests in my property or property in which I have an interest.

☐ Principal initials: [____] Designate or change beneficiaries to receive property, benefits, or contract rights at my death, only as follows: [________________________________].

6. Special Instructions and Restrictions

The following instructions add to or limit my agent's authority:

[____________________________________________________________]

[____________________________________________________________]

[____________________________________________________________]

My agent shall not use my property for the agent's own benefit except as expressly authorized in Section 5 or in these special instructions.

7. Agent Duties, Records, and Compensation

When acting, my agent shall:

• act solely in my interest and avoid conflicts of interest;
• use the care that a prudent person dealing with another person's property would use, or the standard applicable to the agent's represented special skills or expertise;
• keep my property separate and clearly identifiable;
• keep in regular contact with me, communicate with me, and follow my instructions to the extent reasonably practicable;
• keep complete records of receipts, disbursements, and transactions; and
• act only within the authority granted by this instrument and applicable law.

Select one compensation provision:

☐ Principal initials: [____] My agent may receive reasonable compensation and reimbursement of reasonable expenses.

☐ Principal initials: [____] My agent shall receive no compensation but may be reimbursed for reasonable expenses.

☐ Principal initials: [____] My agent's compensation shall be: [________________________________].

If no option is selected, my agent may receive reasonable compensation and reimbursement to the extent permitted by law.

8. Reliance on Copies

A copy of this instrument may be used to the same extent as the original to the extent permitted by law. A person asked to rely on this instrument may request identification, an agent certification, an opinion of counsel, or other information permitted by law.

9. Principal's Signature

I have read this instrument and the notice above. I intend to create an immediately effective durable financial power of attorney.

Date of execution: [__/__/____]

Principal's signature: [________________________________]

Principal's printed name: [________________________________]

10. California Acknowledgment

A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.

State of California

County of [________________________________]

On [__/__/____], before me, [________________________________], Notary Public, personally appeared [________________________________], who proved to me on the basis of satisfactory evidence to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.

I certify under PENALTY OF PERJURY under the laws of the State of California that the foregoing paragraph is true and correct.

WITNESS my hand and official seal.

Notary signature: [________________________________]

Notary seal: [________________________________]

Notice to Person Accepting the Appointment as Attorney-in-Fact

By acting or agreeing to act as the agent (attorney-in-fact) under this power of attorney you assume the fiduciary and other legal responsibilities of an agent. These responsibilities include:

1. The legal duty to act solely in the interest of the principal and to avoid conflicts of interest.

2. The legal duty to keep the principal's property separate and distinct from any other property owned or controlled by you.

You may not transfer the principal's property to yourself without full and adequate consideration or accept a gift of the principal's property unless this power of attorney specifically authorizes you to transfer property to yourself or accept a gift of the principal's property. If you transfer the principal's property to yourself without specific authorization in the power of attorney, you may be prosecuted for fraud and/or embezzlement. If the principal is 65 years of age or older at the time that the property is transferred to you without authority, you may also be prosecuted for elder abuse under Penal Code Section 368. In addition to criminal prosecution, you may also be sued in civil court.

I have read the foregoing notice and I understand the legal and fiduciary duties that I assume by acting or agreeing to act as the agent (attorney-in-fact) under the terms of this power of attorney.

Date: [__/__/____]

Agent's signature: [________________________________]

Agent's printed name: [________________________________]

Sources and References

• California Probate Code, Division 4.5, Part 2: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=PROB&division=4.5.&title=&part=2.
• California Probate Code § 4121: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB&sectionNum=4121.
• California Probate Code § 4128: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB&sectionNum=4128.
• California Probate Code §§ 4230–4238: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=PROB&division=4.5.&title=&part=2.&chapter=4.&article=2.
• California Probate Code § 4264: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB&sectionNum=4264.
• California Probate Code § 4401: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PROB&sectionNum=4401.
• California Probate Code, Division 2, Part 20: https://leginfo.legislature.ca.gov/faces/codes_displayText.xhtml?lawCode=PROB&division=2.&title=&part=20.
• SB 1458 bill status: https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202320240SB1458
• California Civil Code § 1189: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=CIV&sectionNum=1189.
• California Penal Code § 368: https://leginfo.legislature.ca.gov/faces/codes_displaySection.xhtml?lawCode=PEN&sectionNum=368.