- Durable Financial Power of Attorney (Unlimited Powers)
- Limited Financial Power of Attorney (Sepecified Powers)
This type of power of attorney can authorize an agent to perform myriad financial duties for you, including paying your bills, withdrawing and depositing money into your accounts, managing, buying, and selling real estate, and many others. In Tennessee, you can incorporate any power that the law allows according to Tenn. Code Ann. §34-6-109. It is highly recommended that you specify which powers you want to grant, rather than merely incorporating the entire list by reference to the statute.
The Tennessee Bar Association also advises appointing only one agent, because appointing two can create conflict and prevent the flow of your financial matters. In addition, you should include an accounting clause to require the agent to report his or her transactions regularly.
Tennessee Power of Attorney Law – Title 34 – Chapter 36 – Part 1 – Uniform Durable Power of Attorney Act
Signing Requirements – There are no laws, although, to authorize a health care power of attorney requires two (2) witnesses or a notary public (§ 34-6-203), and the same is recommended for this durable version.