What is a Fidelity Durable Power of Attorney Affidavit and Indemnification Form?

Definition & Meaning

The Fidelity Durable Power of Attorney Affidavit and Indemnification Form is a legal document that allows an individual, known as the principal, to appoint another person, referred to as the agent, to make financial and legal decisions on their behalf. This form is particularly useful in situations where the principal may become incapacitated or unable to manage their affairs. The term "durable" indicates that the power of attorney remains effective even if the principal loses mental capacity. The affidavit portion of the form serves as a sworn statement affirming the authenticity of the document and the authority of the agent.

How to Use the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

Using the Fidelity Durable Power of Attorney Affidavit and Indemnification Form involves several key steps:

• Identify the principal and agent: Clearly state the names and contact information of both parties.
• Specify powers granted: Outline the specific powers the agent will have, such as managing bank accounts, making investment decisions, or handling real estate transactions.
• Complete the affidavit: Fill out the affidavit section to affirm the validity of the document.
• Sign and notarize: Both the principal and agent should sign the form, and it is advisable to have it notarized to enhance its legal standing.

How to Obtain the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

The Fidelity Durable Power of Attorney Affidavit and Indemnification Form can typically be obtained through the following methods:

• Fidelity Investments website: Visit the official Fidelity website to download the form directly.
• Financial advisors: Consult with a Fidelity financial advisor who can provide the necessary documentation.
• Legal professionals: Attorneys specializing in estate planning can also provide customized versions of the form.

How to Fill Out Fidelity Durable Power of Attorney Affidavit and Indemnification Form

Filling out the Fidelity Durable Power of Attorney Affidavit and Indemnification Form requires attention to detail. Here are the steps involved:

• Principal's Information: Enter the full name, address, and date of birth of the principal.
• Agent's Information: Provide the same details for the agent, ensuring clarity in identification.
• Scope of Authority: Clearly define the powers granted to the agent, which may include financial transactions, real estate management, and healthcare decisions.
• Signature Section: Both parties must sign the document, with the principal's signature typically required to validate the powers granted.

Key Elements of the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

Understanding the key elements of the Fidelity Durable Power of Attorney Affidavit and Indemnification Form is essential for proper use:

• Durability Clause: This ensures that the power of attorney remains effective even if the principal becomes incapacitated.
• Indemnification Clause: This protects the agent from liability for actions taken in good faith while acting on behalf of the principal.
• Revocation Instructions: The form should include guidance on how the principal can revoke the power of attorney if needed.

Who Typically Uses the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

The Fidelity Durable Power of Attorney Affidavit and Indemnification Form is commonly used by:

• Individuals with health concerns: Those anticipating medical issues may want to ensure their financial matters are managed.
• Older adults: Seniors often utilize this form to designate trusted individuals to handle their affairs as they age.
• Business owners: Entrepreneurs may appoint an agent to manage business transactions during their absence.

Legal Use of the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

The legal use of the Fidelity Durable Power of Attorney Affidavit and Indemnification Form is significant in several contexts:

• Financial Management: The agent can make decisions regarding investments, bank accounts, and other financial assets.
• Healthcare Decisions: In some cases, the form can grant the agent authority to make medical decisions on behalf of the principal.
• Property Transactions: The agent may handle real estate transactions, ensuring that the principal's assets are managed effectively.

Examples of Using the Fidelity Durable Power of Attorney Affidavit and Indemnification Form

Real-world scenarios illustrate the practical application of the Fidelity Durable Power of Attorney Affidavit and Indemnification Form:

• Scenario One: An elderly individual appoints their child as their agent to manage their finances as they face health challenges.
• Scenario Two: A business owner designates a trusted colleague to handle company affairs while they travel abroad.
• Scenario Three: A parent grants authority to a relative to make decisions regarding their child's financial matters in their absence.