Financial Power of Attorney - South Carolina

SOUTH CAROLINA DURABLE FINANCIAL POWER OF ATTORNEY

Important Warning

This document gives the Agent broad authority over the Principal's property and finances. The Agent may be able to sell, convey, mortgage, invest, spend, settle claims concerning, or otherwise manage the Principal's property without advance notice. The special authorities listed in Section 6 are withheld.

Article 8 does not provide a statutory fill-in financial power-of-attorney form, a “Statutory Notice to Principal,” an “Important Information for Agent” notice, or a § 62-8-301 form. This is a custom instrument using direct statutory grants; the warning above is informational and is not a statutory notice.

1. Principal

I, [PRINCIPAL FULL LEGAL NAME], of [PRINCIPAL ADDRESS], grant this power of attorney while I have contractual capacity.

2. Agent

I appoint:

Agent: [AGENT FULL LEGAL NAME]

Address: [ADDRESS]

Telephone: [TELEPHONE]

Email: [EMAIL]

3. Successor Agents

If the Agent resigns, dies, becomes incapacitated, is not qualified to serve, or declines to serve, I appoint:

First Successor Agent: [NAME, ADDRESS, TELEPHONE, AND EMAIL]

If that person cannot or will not serve, I appoint:

Second Successor Agent: [NAME, ADDRESS, TELEPHONE, AND EMAIL]

Under S.C. Code Ann. § 62-8-111, a Successor Agent receives the same authority as the original Agent unless this document provides otherwise and may not act until all predecessor Agents have ceased or declined to serve.

4. Grant of General Financial Authority

I grant my Agent authority to do all acts that I could do through an Agent with respect to my property and financial affairs, subject to every limitation in this document.

Under S.C. Code Ann. § 62-8-201(c), this language grants the Act's general authority, but it does not grant an authority listed in § 62-8-201(a). The general subjects include real property; tangible personal property; stocks and bonds; banks and other financial institutions; operation of an entity or business; insurance and annuities; estates, trusts, and other beneficial interests; claims and litigation; personal and family maintenance; governmental, civil, and military benefits; retirement plans; and taxes.

This grant is subject to Section 6 and the following limits:

1. The Agent may manage an existing trust or beneficial interest only to the extent allowed by the granted general authority and may not exercise an authority withheld in Section 6.
2. The Agent may manage an insurance, annuity, or retirement interest but may not change a beneficiary or waive a survivor benefit.
3. The Agent may access electronic files, credentials, and communications only as reasonably necessary to exercise a granted financial subject and may not access the content of electronic communications unless a South Carolina attorney adds reviewed, custodian-compliant consent.
4. The Agent may not make health-care decisions or execute, amend, or revoke my will.

5. Special Instructions and Limits

The following instructions may narrow the general grant. They do not grant an authority withheld in Section 6:

[____________________________________________________________]

[____________________________________________________________]

[____________________________________________________________]

6. Specific Authority Withheld

I do not grant the Agent any of the twelve authorities listed in S.C. Code Ann. § 62-8-201(a). The Agent may not:

1. create, amend, revoke, or terminate a trust;
2. make a gift;
3. create or change rights of survivorship;
4. create or change a beneficiary designation;
5. delegate authority granted under this power of attorney;
6. waive my right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan;
7. exercise fiduciary powers that I have authority to delegate;
8. disclaim property, including a power of appointment;
9. access a safe-deposit box or vault leased by me;
10. exercise a power of appointment in favor of someone other than me;
11. reject, renounce, disclaim, release, or consent to a reduction in or modification of a share in or payment from an estate, trust, or other beneficial interest; or
12. deal with commodity futures contracts or call or put options on stocks or stock indexes.

Do not alter this section without individualized South Carolina legal advice. Section 62-8-201(a) requires an express grant, and other instruments governing the property may still prohibit an exercise of authority.

7. Effective Date, Durability, and Recording Gate

This power of attorney is effective immediately when executed in compliance with South Carolina law.

Under S.C. Code Ann. § 62-8-104, a power created under Part 1 after January 1, 2017, is durable unless it expressly provides that incapacity terminates it. This power is durable and is not terminated by my later incapacity.

Critical recording rule: Under § 62-8-109(c), after my incapacity the Agent may exercise authority only if this power has been recorded in the same manner as a deed in the South Carolina county where I reside when it is recorded. If I reside outside South Carolina, it may be recorded in a county where my property is located. It may be recorded before or after incapacity, but the Agent cannot act after incapacity and before recordation.

This document does not use a future-event or springing condition. Obtain South Carolina legal advice before changing the immediate-effect provision; § 62-8-109 contains specific determination rules for a future event or incapacity.

8. Agent's Acceptance and Duties

Under S.C. Code Ann. § 62-8-113, unless this document provides otherwise, a person accepts appointment by exercising authority, performing duties, or other conduct indicating acceptance. A signature is useful evidence but is not the statutory acceptance gate.

An Agent who accepts appointment must comply with S.C. Code Ann. § 62-8-114, including duties to:

1. act in accordance with my reasonable expectations to the extent actually known and in my best interest;
2. act in good faith and only within the authority granted;
3. unless this document provides otherwise, act loyally, avoid conflicts that impair impartial action, act with the care, competence, and diligence ordinarily exercised by similar Agents, keep records, cooperate with a health-care decision maker, and attempt to preserve my known estate plan when consistent with my best interest; and
4. respond to a proper request for receipts, disbursements, or transactions within thirty days, or provide a writing or other record explaining why additional time is needed and comply within an additional thirty days unless a court specifies otherwise.

9. Compensation and Reimbursement

Under S.C. Code Ann. § 62-8-112, the default is reimbursement of reasonably incurred expenses and reasonable compensation unless this document provides otherwise. Choose one:

☐ The Agent may receive statutory reimbursement and reasonable compensation.

☐ The Agent may receive statutory reimbursement but no compensation.

☐ Reimbursement and compensation will be determined as follows: [DESCRIBE].

10. Termination, Revocation, and Earlier Powers

This power and an Agent's authority terminate as stated in S.C. Code Ann. § 62-8-110, including at my death, on revocation, on a stated termination, when its purpose is accomplished, or when no authorized Agent remains.

A later power of attorney does not revoke an earlier one unless the later power expressly revokes the earlier power or all other powers. Choose one if revocation is intended:

☐ I revoke every earlier financial power of attorney that I executed.

☐ I revoke only the following earlier power or powers: [IDENTIFY BY DATE AND AGENT].

☐ I preserve the following earlier power or powers: [IDENTIFY BY DATE AND AGENT].

Unless this power provides otherwise, § 62-8-110(g) requires a revocation to use the execution formalities applicable to a power of attorney. If this power has been recorded, the revocation also must be recorded in the same county.

11. Reliance and Acceptance by Third Parties

The following provision is included because S.C. Code Ann. § 62-8-120(b)(7) permits refusal if a power does not contain it or substantially similar language:

No person who may act in reliance upon the representation of my agent for the scope of authority granted to the agent shall incur any liability to me or to my estate as a result of permitting the agent to exercise this authority, nor is any person who deals with my agent responsible to determine or ensure the proper application of funds or property.

Sections 62-8-119 and 62-8-120 govern good-faith reliance, permitted requests for an Agent's certification, translation, or written reasoned opinion of counsel, acceptance deadlines, permitted refusals, and remedies for a refusal that violates the Act. Section 62-8-119(f) provides an optional Agent certification form.

12. Liability and Court Jurisdiction

Under S.C. Code Ann. § 62-8-117, an Agent who violates Article 8 is liable for the amount required to restore the value of my property to what it would have been without the violation and to reimburse attorney's fees and costs paid on the Agent's behalf.

Under § 62-8-401, South Carolina probate courts have concurrent, not exclusive, jurisdiction with South Carolina circuit courts over subject matter concerning the creation, exercise, construction, and termination of powers governed by Article 8.

This document does not create an artificial liability cap, mandatory mediation or arbitration, jury waiver, exclusive probate-court forum, cure period, mandatory insurance, indemnity, force-majeure defense, or automatic prevailing-party fee rule.

13. Principal's Execution

S.C. Code Ann. § 62-8-105 requires the Principal's signature, attestation with the same witness formalities as a South Carolina will, and acknowledgment or proof under § 30-5-30. Section 62-2-502 requires at least two individuals, each of whom witnessed either the signing or the Principal's acknowledgment of the signature or document.

I sign this power of attorney voluntarily as my act and deed.

Principal's Signature: ____________________________________

Printed Name: [PRINCIPAL FULL LEGAL NAME]

Date: [__/__/____]

Witnesses

Each undersigned witness signs after witnessing either the Principal's signing or the Principal's acknowledgment of the signature or this power of attorney.

Witness 1 Signature: ____________________________________

Printed Name: [________________________________]

Address: [________________________________]

Witness 2 Signature: ____________________________________

Printed Name: [________________________________]

Address: [________________________________]

Acknowledgment

STATE OF SOUTH CAROLINA

COUNTY OF [COUNTY]

I, [NAME AND TITLE OF NOTARIAL OFFICER], certify that [PRINCIPAL FULL LEGAL NAME] personally appeared before me this day and acknowledged the due execution of the foregoing instrument.

Witness my hand and official seal this [____] day of [________________], [20____].

Signature of Notarial Officer: ____________________________________

My Commission Expires: [__/__/____]

Official Seal:

14. Agent's Acknowledgment

I, [AGENT FULL LEGAL NAME], accept appointment and acknowledge the duties, authority, limitations, recording gate, and termination rules stated in this document and South Carolina law.

Agent's Signature: ____________________________________

Date: [__/__/____]

Each Successor Agent should sign a separate acknowledgment before acting.

Sources and References

• South Carolina Legislature, Title 62, Article 8: https://www.scstatehouse.gov/code/t62c008.php
• South Carolina Legislature, Title 62, Article 2 (§ 62-2-502): https://www.scstatehouse.gov/code/t62c002.php
• South Carolina Legislature, Title 30, Chapter 5 (§ 30-5-30): https://www.scstatehouse.gov/code/t30c005.php
• South Carolina Legislature, Code currency page: https://www.scstatehouse.gov/code/statmast.php