SAMPLE LIMITED DURABLE POWER OF ATTORNEY
FOR THE USE OF LEGAL COUNSEL ONLY
This sample document is provided for the reference of the drafting attorney as an educational and informational aid ONLY. EDWARD JONES TRUST COMPANY hereby expressly disclaims any liability for the use of the sample document and expressly states that no express or implied warranty is made as to the effectiveness, validity or suitability of the sample document for it’s intended purpose. As always, the drafting lawyer is responsible for making all necessary modifications to the sample document to make its use appropriate to the client’s situation and to assure compliance with local law. The drafting lawyer is cautioned that the sample document has been prepared with an emphasis on general federal tax law and may not be appropriate to the state law requirements of any particular state and that federal tax law changes constantly, requiring a current knowledge of federal income and transfer tax law at the time a particular client’s documents are planned and drafted. As always, the drafting lawyer is responsible for making all necessary modifications to the sample document to make its use appropriate to the client’s situation and to assure compliance with both federal tax law and applicable local law. Edward Jones Trust Company does not provide tax or legal advice. Any tax-related discussion that may be contained in this presentation or these materials is not intended or written to be used, and cannot be used, for the purpose of avoiding any penalties under the Internal Revenue Code or for the purpose of promoting, or marketing, or recommending any tax-related matters addressed herein. Nothing contained herein is intended to constitute, nor should be relied upon as, a covered opinion as defined in regulations governing practice before the Internal Revenue Service (Circular 230). Tax advice should be sought from an independent tax advisor and should be based on the taxpayer's particular circumstances.
LIMITED DURABLE POWER OF ATTORNEY
I, {Name of Principal}, a resident of {Name of County} County, {State of Residence}, hereby appoint EDWARD JONES TRUST COMPANY, my true and lawful attorney-in-fact, such appointment to be effective ONLY upon my incapacity (as hereafter defined); ONLY in the event EDWARD JONES TRUST COMPANY then serves as Trustee of a trust of which I am grantor or a primary current income beneficiary, and ONLY upon the written acknowledgement of EDWARD JONES TRUST COMPANY that it will act as my attorney-in-fact, under the Durable Power Of Attorney Law Of Missouri, to act for me and in my name, place and stead as my agent for the following limited purposes:
Comment [BCU1]: Insert text. Comment [BCU2]: Insert text. Comment [BCU3]: Insert text.
1. Transfer of Retirement Account Assets.
To make “rollovers” and/or trustee to trustee transfers of plan benefits from any retirement plan(s) to an Individual Retirement Account (“IRA”), including rollovers or trustee to trustee transfers from one IRA to another IRA, and including rollovers or transfers to EDWARD JONES TRUST COMPANY or an Affiliate of EDWARD JONES TRUST COMPANY, and to negotiate and establish the terms of such rollover or new IRA; to make withdrawals from any IRA, whether or not I had begun making withdrawals therefrom; to determine the investments in any self directed retirement plan or IRA as my attorney-in-fact may determine and to employ investment advisors, including EDWARD JONES TRUST COMPANY or an Affiliate of EDWARD JONES TRUST COMPANY, for such purposes; to make any other elections in respect of any IRA, that I could make; to select any payment option under any IRA or employee benefit plan in which I am a participant or to change any such payment option I might have selected; or to make and change beneficiary designations for such plans (including naming my attorney-in-fact as the beneficiary thereof, if doing so is consistent with my overall estate plan).
2. Transfer Property to Trust.
To transfer from time to time and at any time to the Trustee(s) of any revocable trust agreement created by me as to which trust I am, during my lifetime, a primary income and principal beneficiary, any and all of my cash, property or interests in property, real or personal and including any rights to receive income from any source, and for this purpose to enter and remove from any safe deposit box of mine (whether the box is registered in my name alone or jointly with one or more other persons) any of my cash or property and to execute such instruments, deeds, documents and papers to effect the transfers described herein as may be necessary, appropriate, incidental or convenient; provided, that nothing herein shall be construed to authorize my attorney-in-fact to revoke, amend or free any principal from the terms of any such Trust or to otherwise take any action in derogation of the powers and authority conferred on the Trustee or Trustees by the terms of the instrument(s) which established (and which may hereafter amend) 1
such Trust.
3. Effect on Prior Powers of Attorney.
To the extent any other power of attorney which I may have executed at any time prior to the execution of this instrument grants an attorney-in-fact powers that are granted to EDWARD JONES TRUST COMPANY as my attorney-in-fact hereunder, the provisions of this Power of Attorney shall govern.
4. Reimbursement of my Attorney-In-Fact.
My attorney-in-fact shall not be entitled to compensation, but shall be reimbursed for expenses paid or incurred as a result of acting as my attorney-in-fact hereunder. Such payments may be made out of any of my property.
5. Determination of Incapacity.
I recognize and intend that this Durable Power of Attorney shall continue in full force during my incapacity to the extent provided in the [Durable] Power of Attorney Law of {Name of State}. For purposes of this instrument, my incapacity shall be deemed to exist in either of the following circumstances: (a) When my treating physician certifies in writing that in his or her opinion I am physically or mentally incapable of managing my financial affairs and/or providing for my personal care. If this Durable Power of Attorney becomes effective because of my incapacity and I subsequently regain capacity (which shall be deemed to occur when my treating physician certifies in writing that in his or her opinion I am physically and mentally capable of managing my financial affairs), then this Durable Power of Attorney shall not be revoked but shall become effective again upon my subsequent incapacity determined as provided above. I hereby waive voluntarily any physician/patient privilege that may exist in my favor and I authorize my physician to examine me and disclose my physical or mental condition in order to determine my incapacity or capacity, for purposes of this instrument; provided, however, that my attending physician who so certifies my incapacity need not incorporate the certification into my records, set forth the facts upon which the determination of incapacity is based, set forth the expected duration of my incapacity, or periodically review his or her determination of incapacity unless requested to do so in any such case by my attorney in fact designated herein; or (b) During any period in which I am missing under such circumstances that it is not known whether I am alive or dead, or am captured, interned, besieged or held hostage or prisoner in a foreign country.
Comment [BCU4]: Optional language. Comment [BCU5]: Insert text.
6. Company.
Special Provisions Relating to Edward Jones Trust
I recognize that EDWARD JONES TRUST COMPANY is a subsidiary of The Jones Financial Companies, A Limited Partnership, a Missouri limited 2
partnership, domiciled in the state of Missouri. While EDWARD JONES TRUST COMPANY is serving as my attorney-in-fact hereunder; the following additional provisions shall apply, and to the extent of any inconsistency between the following provisions and the other provisions of this document, these provisions shall control. (a) Permitted Activities. EDWARD JONES TRUST COMPANY and any subsidiary or affiliate of The Jones Financial Companies, a Limited Partnership (hereinafter referred to collectively as an “Affiliate”) may deal between my estate and themselves or any other Affiliate in any principal or agency transaction, either party acting in any capacity, in exercising the powers granted to EDWARD JONES TRUST COMPANY under this Limited Durable Power of Attorney. The foregoing shall apply regardless of any compensation, gain, or profit derived by any Affiliate acting in any capacity in connection with any such transaction. Any Affiliate may furnish services to my estate in any capacity as may be necessary or desirable to the exercise of the powers granted to EDWARD JONES TRUST COMPANY under this Limited Durable Power of Attorney, and may receive customary and reasonable compensation for services in any such capacity. EDWARD JONES TRUST COMPANY or its Affiliates may receive a portion of such fees for providing certain services, which could result in EDWARD JONES TRUST COMPANY potentially favoring these investments over other investments that do not pay a fee to EDWARD JONES TRUST COMPANY. (b) Nonpublic Information; No Duty to Act. EDWARD JONES TRUST COMPANY shall be under no duty and shall not be liable to any beneficiary for failure to buy, sell or engage in any transaction directly or indirectly involving securities concerning which EDWARD JONES TRUST COMPANY, in its corporate capacity or otherwise, may have acquired any information which has not been disclosed to the public. In this regard, information required by any Affiliate shall not be imputed to EDWARD JONES TRUST COMPANY.
7.
Actions of Attorney-In-Fact are Binding.
I hereby declare that any act or thing lawfully done hereunder by my attorney-in-fact shall be binding on me, my heirs, legal and personal representatives, assigns and other successors in interest, with respect to a third person, whether the same shall have been done before or after my death or other termination of this power of attorney, unless and until actual knowledge of my death or other termination hereof has been received by such third person who relies in good faith on the authority granted under this power of attorney. I expressly covenant and agree with my attorney-in-fact that the powers hereby conferred shall continue in full force against me, my heirs, executors, administrators and assigns, notwithstanding the express or implied revocation hereof by my death, or otherwise, until my attorney-in-fact receives actual knowledge of my death, or constructive knowledge that the authority granted herein has been suspended, modified or terminated by written notice thereof filed by me or my legal representative for record in the office of the recorder of deeds in the city or county of my residence. I 3
for myself and for my heirs, executors, legal representatives and assigns, hereby agree to indemnify and hold harmless any such third party from and against any and all claims that may arise against such third party by reason of such third party having relied on the provisions of this instrument.
8.
General Powers with Respect to Express Purpose.
I give to my attorney-in-fact full general power and authority to do and perform each and every act, deed, matter necessary or appropriate with respect to the purposes set out in this Limited Durable Power of Attorney, as fully and as effectively to all interests and purposes as I might or could do or cause to be done in my own person if personally acting.
9. Company.
Limitation of Duties of Edward Jones Trust
If Edward Jones Trust Company agrees to serve as my attorney-in-fact hereunder, as evidenced by its written acknowledgement which it may give or fail to give in its sole discretion, then if such acknowledgement limits or eliminates any of its powers, as attorney-in-fact, to do and perform any act, deed or matter set out in this Limited Durable Power of Attorney, it shall not be obligated to perform any such act, deed or matter so limited or eliminated. THIS IS A DURABLE POWER OF ATTORNEY AND THE AUTHORITY OF MY ATTORNEY IN FACT SHALL BECOME EFFECTIVE AND SHALL NOT BE VOID OR VOIDABLE IF AND WHEN I BECOME DISABLED OR INCAPACITATED OR IN THE EVENT OF LATER UNCERTAINTY AS TO WHETHER I AM DEAD OR ALIVE. IN WITNESS WHEREOF, I set my hand this ___ day of __________________.
{Name of Principal} SS# {Social Security Number}
Comment [A6]: Insert text. Comment [A7]: Insert text.
STATE OF COUNTY OF
) ) ss )
Comment [A8]: Insert text.
On this ____ day of__________________, before me personally appeared {Name of Principal}, personally known to me to be the person who executed the foregoing limited durable power of attorney as principal and acknowledged to me that he/she executed the foregoing instrument as his/her free act and deed for the purposes therein stated; and at the time of this acknowledgment he/she appeared mentally alert and 4
of full mental capacity. IN TESTIMONY WHEREOF, I have subscribed my name and affixed my official seal in the County and State aforesaid, on the day and year above written.
Notary Public My Commission Expires:
1/05 Version – Revised 10/05;7/06
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