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A Tennessee power of attorney is a legal document that acts as the authorization granting an individual, referred to as the agent or attorney-in-fact, to make financial decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A Tennessee POA is often used for estate planning. However, there are other instances where it is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or attorney-in-fact.
A Tennessee power of attorney is a power of attorney form that complies with Title 34 of the Tennessee Code. These state laws specifically outline the parameters of a legally enforceable power of attorney and ensures that the form, as well as its duties, are protected under the law. Here are some of the state’s power of attorney requirements:
When creating the power of attorney, the principal has the legal right to state what the agent may and may not do on their behalf. Additionally, as long as the principal is competent, they have the legal ability to revoke (terminate) the POA even if it is durable. A Tennessee power of attorney is also terminated when:
There are many reasons why someone would choose to use a Tennessee power of attorney to give someone the authority to give someone the authority to make decisions related to their personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Everyone’s power of attorney needs may vary. Thankfully, there are several different power of attorney documents available. Before choosing one, you should seek legal advice so that you can choose the best POA for your needs. You should also ask how to revoke a power of attorney so that you know how to do so if it becomes necessary. Here are the most commonly used Tennessee power of attorney forms.
General Power of Attorney
A general power of attorney grants broad powers to the agent.
Durable Power of Attorney
A durable power of attorney goes beyond the parameters of a general power of attorney.
Limited Power (Springing) of Attorney
A limited power of attorney grants limited power to whatever the principal specifies. It is also known as a special power of attorney.
Medical (Health Care) Power of Attorney
A medical or health care power of attorney grants power to the agent to make important health care decisions on the principal's behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent allowing them to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known in Tennessee as Form RV-F0103801, allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Tennessee Department of Revenue on behalf of the principal.
Motor Vehicle Power of Attorney
A vehicle power of attorney, officially known as Form RV-F1311401, which allows the agent to buy, sell, and handle the necessary paperwork with the Tennessee Department of Revenue, Taxpayer and Vehicle Services Division on the principal's behalf.
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