DURABLE FINANCIAL POWER OF ATTORNEY

(Missouri – Mo. Rev. Stat. §§ 404.700 et seq.)

[// GUIDANCE: This template is drafted for use by Missouri‐licensed attorneys. Review Chapter 404, RSMo, for any updates before finalizing. All bracketed items must be customized.]

TABLE OF CONTENTS

1. Document Header
2. Definitions
3. Operative Provisions
4. Representations & Warranties
5. Covenants & Restrictions
6. Default & Remedies
7. Risk Allocation
8. Dispute Resolution
9. General Provisions
10. Execution Block

1. DOCUMENT HEADER

1.1 Title; Parties.
This Durable Financial Power of Attorney (“Power” or “Agreement”) is executed by [FULL LEGAL NAME OF PRINCIPAL], residing at [ADDRESS] (“Principal”), in favor of [FULL LEGAL NAME OF AGENT], residing at [ADDRESS] (“Agent”).

1.2 Recitals.
A. Principal desires to appoint Agent to manage Principal’s property and financial affairs.
B. Pursuant to Mo. Rev. Stat. §§ 404.700 – 404.735, this Power is intended to be durable and to remain in effect despite Principal’s subsequent incapacity or disability.
C. Consideration is acknowledged by execution of this instrument and the acceptance of duties by Agent.

1.3 Effective Date; Jurisdiction.
Unless otherwise stated herein, this Power becomes effective on the date executed below (“Effective Date”) and shall be governed by the laws of the State of Missouri.

2. DEFINITIONS

For ease of reference, capitalized terms have the meanings set forth below:

“Accountings” – Defined in § 6.1(b).
“Assets Under Management” – All property subject to Agent’s authority at any given time.
“County Probate Court” – The Probate Division of the [NAME OF COUNTY] Circuit Court, Missouri.
“Disability” and “Incapacity” – A determination in writing by a licensed physician that Principal is unable to manage property and business affairs.
“Durable” – A power of attorney that is not affected by Principal’s subsequent incapacity.
“Power(s)” – The specific authorities granted to Agent under § 3.2–§ 3.12.
“Principal,” “Agent,” “Successor Agent,” “Third Party,” and other relationship terms carry the meanings customarily assigned under Mo. Rev. Stat. § 404.703.

[// GUIDANCE: Add or delete definitions as required by the facts.]

3. OPERATIVE PROVISIONS

3.1 Appointment of Agent and Successor Agents.

(a) Principal hereby appoints Agent with full authority as set forth below.
(b) If Agent is unable or unwilling to serve, Principal appoints [NAME], residing at [ADDRESS], as Successor Agent.

3.2 Scope of Powers.

Agent may act for Principal with respect to ALL matters listed below ONLY IF Principal places initials on the corresponding line. A blank line = NO authority.

[// GUIDANCE: Mirror language in § 404.710 where appropriate.]

3.3 General Authority; Incorporation by Reference.

Each initialed category incorporates all authority described in Mo. Rev. Stat. § 404.710(6).

3.4 Limitation on Gifts.

Agent may not make gifts exceeding the annual federal gift-tax exclusion unless expressly authorized here: ___.

3.5 Nomination of Conservator or Guardian.

If a court deems a conservator or guardian necessary, Principal nominates Agent to serve.

3.6 Durability Statement.

Pursuant to Mo. Rev. Stat. § 404.705(1), “THIS POWER OF ATTORNEY SHALL NOT BE AFFECTED BY DISABILITY OR INCAPACITY OF THE PRINCIPAL.”

3.7 Term & Revocation.

This Power continues until the earliest of:
(a) Principal’s written revocation delivered to Agent and any known Third Party;
(b) Agent’s resignation, removal, or death;
(c) Principal’s death; or
(d) As to any married Principal, the legal dissolution of that marriage automatically revokes the former spouse’s authority.

3.8 Resignation of Agent.

Agent may resign by 30-day prior written notice to Principal (or Successor Agent if Principal incapacitated).

3.9 Third-Party Reliance.

Any Third Party acting in reliance on an acknowledged copy shall be held harmless absent actual knowledge of revocation.

3.10 Recordkeeping & Accountings.

Agent shall maintain complete records and, upon written request by Principal, Successor Agent, or the County Probate Court, provide Accountings within 30 days.

3.11 Co-Agents.

If more than one Agent is appointed, they must act jointly, unless “severally” is written here: ______.

3.12 Compensation & Reimbursement.

Agent is entitled to reasonable reimbursement of expenses and, if this line is initialed ___, reasonable compensation.

4. REPRESENTATIONS & WARRANTIES

4.1 Principal warrants:
(a) Age 18 +, of sound mind, and owner of all property subject to this Power;
(b) Execution is voluntary and informed.

4.2 Agent represents and warrants:
(a) Age 18 + and not a person disqualified under § 404.731;
(b) Will accept the fiduciary duties set forth in § 5.1;
(c) Has reviewed this instrument and Missouri law.

Survival. All warranties survive termination as to acts or omissions occurring during the term.

5. COVENANTS & RESTRICTIONS

5.1 Fiduciary Duties. Agent shall:
1. Act in good faith and in Principal’s best interests;
2. Keep Principal’s property separate from Agent’s own;
3. Avoid conflicts of interest;
4. Preserve Principal’s estate plan to the extent known;
5. Maintain confidentiality.

5.2 Prohibited Acts. Agent shall not:
(a) Create or change beneficiary designations, wills, or trusts unless expressly authorized;
(b) Self-deal except as permitted under § 3.4;
(c) Delegate authority except to a licensed professional for ministerial acts.

5.3 Notice & Cure. Agent must cure any breach within 15 days after written notice from Principal or Successor Agent, unless incapable of cure.

6. DEFAULT & REMEDIES

6.1 Events of Default. The following constitute default:
(a) Breach of fiduciary duty;
(b) Failure to produce Accountings (“Accountings Default”);
(c) Self-dealing without authorization;
(d) Criminal conduct affecting Assets Under Management.

6.2 Remedies. Upon default, Principal or Successor Agent may:
1. Revoke Agent’s authority immediately;
2. Seek an injunction in County Probate Court;
3. Compel a formal accounting;
4. Recover actual damages, consequential damages, and attorneys’ fees;
5. Petition for surcharge and removal.

Graduated sanctions apply: Accountings Default – 15-day cure period; all others – immediate remedies.

7. RISK ALLOCATION

7.1 Indemnification by Agent. Agent shall indemnify and hold harmless Principal for losses arising from Agent’s breach of fiduciary duty, willful misconduct, or gross negligence.

7.2 Limitation of Liability. Absent breach, willful misconduct, or gross negligence, Agent’s personal liability is limited to the value of Assets Under Management at the time of the act or omission.

7.3 Insurance. Agent may (but is not required to) obtain fiduciary liability insurance payable from Principal’s assets.

7.4 Force Majeure. Agent is not liable for failure to act when prevented by events beyond Agent’s reasonable control (e.g., natural disasters, government actions).

8. DISPUTE RESOLUTION

8.1 Governing Law. This Power is governed by the Missouri Durable Power of Attorney Law, Mo. Rev. Stat. §§ 404.700 – 404.735.

8.2 Forum Selection. Exclusive venue lies in the [NAME OF COUNTY] County Probate Court.

8.3 Limited Arbitration. Any dispute solely concerning the accuracy of an Accounting may, at Principal’s election, be submitted to binding arbitration administered by the American Arbitration Association under its Consumer Arbitration Rules.

8.4 Jury Waiver. To the extent permitted by Missouri law, the parties waive the right to a jury trial in any court proceeding arising under this Power.

8.5 Injunctive Relief. Nothing herein limits the Probate Court’s equitable authority to grant injunctive or other fiduciary remedies.

9. GENERAL PROVISIONS

9.1 Amendments & Waivers. Must be in a writing signed by Principal (or Conservator with court approval).

9.2 Assignment. Agent’s authority is personal and may not be assigned.

9.3 Successors & Assigns. This Power binds Agent’s heirs and personal representatives and inures to the benefit of Principal’s successors.

9.4 Severability. Any invalid provision shall be reformed to fulfill the parties’ intent without affecting remaining provisions.

9.5 Integration. This document constitutes the entire durable financial power of attorney between the parties; it supersedes all prior instruments on the same subject.

9.6 Counterparts; Electronic Signatures. May be executed in counterparts and by electronic signature with the same effect as originals.

9.7 Notices. Written notice under this Power shall be delivered by (i) certified U.S. mail, return-receipt requested; (ii) nationally recognized courier; or (iii) email with confirmation, to the last known address of the receiving party.

10. EXECUTION BLOCK

10.1 Principal’s Signature & Acknowledgment

[PRINT NAME OF PRINCIPAL]
Date: ___

State of Missouri )
) ss.
County of ____ )

On this _ day of _, 20__, before me, the undersigned Notary Public, personally appeared [NAME OF PRINCIPAL], known to me (or 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.

Seal: _______

Notary Public
My commission expires: ____

[// GUIDANCE: Although Missouri does not mandate witnesses, many financial institutions require them. Add witness lines if desired.]

10.2 Agent’s Acceptance

I, [NAME OF AGENT], accept appointment as Agent. I have read this Durable Financial Power of Attorney and understand my duties under Missouri law.

[PRINT NAME OF AGENT]
Date: ___

END OF DOCUMENT