Financial Powers Of Attorney

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Introduction

This guide provides links to print and online research sources, and statutes, cases, and forms dealing with powers of attorney for financial matters.

New Hampshire adopted the Uniform Power of Attorney Act (UPOAA) in 2017. The UPOAA standardizes and modernizes the law of powers of attorney, providing greater protections against abuse and shielding innocent parties from liability. The act also provides a simple, customizable power of attorney form that anyone can use. A work group consisting of representatives of trust and estate attorneys, trust companies, elder law attorneys, the New Hampshire Judicial Branch, the Bankers Association, AARP, UNH Law School, and New Hampshire Legal Assistance met over 14 months to compare the UPOAA to New Hampshire law and to adapt it to New Hampshire. The bill report on SB 230 by the House Committee on Judiciary stated that the final bill compiled current New Hampshire laws dealing with the powers of attorney into one statute enabling the public and practicing attorneys accessibility to the power of attorney process. Safeguards were put in place for the protection of principals, agents, and third-parties relying on powers of attorney.

Definitions

RSA 564-E:102 contains the New Hampshire definitions of important terms. You should check this statute first for definitions if you're executing a power of attorney under New Hampshire law.

“A power of attorney (POA) is a legal authorization that gives the agent or attorney-in-fact the authority to act on behalf of an individual referred to as the principal. The agent may be given broad or limited authority to make decisions about the principal's property, finances, investments, or medical care.”

“General power of attorney is a form of power of attorney that allows agents to take any legal action their principals may take.”

“A special power of attorney is a legal document that authorizes one person, called an agent or an attorney in fact, to act on behalf of another person, known as the principal, under specific, clearly laid-out circumstances. … Also known as a limited power of attorney (LPOA) …”

“A durable power of attorney refers to a power of attorney which typically remains in effect until the death of the principal or until the document is revoked.” "In the alternative, a “non-durable” power of attorney—one without a durability provision—ends in the event of the principal's incapacitation."

"Springing durable power of attorney is a type of power of attorney that lasts when the principal is incapacitated and does not take effect immediately.

“In agency law, the term refers to someone who authorizes another to act in their place. A principal’s authorization of an agent to take actions on their behalf gives rise to fiduciary duties in the principal-agent relationship.”

“An attorney in fact is an agent authorized to act on behalf of another person, but not necessarily authorized to practice law, e.g. a person authorized to act by a power of attorney.”

“An agent is a person authorized to act on behalf of another person. The party an agent is authorized to act for is known as the principal.”

“Fiduciaries are persons or organizations that act on behalf of others and are required to put the clients’ interests ahead of their own, with a duty to preserve good faith and trust. Fiduciaries are thus legally and ethically bound to act in the other’s best interests.”

Please remember that this guide is for information purposes only and is not comprehensive.
It is intended as a starting point for research, to illustrate the various sources of the law, and to provide guidance in their use.
NH Law About . is not a substitute for the services of an attorney.