A Practical Guide to Durable Financial Powers of Attorney
A durable financial power of attorney is an important legal document that lets you name someone to manage your financial affairs if you cannot do so yourself. For residents of Condon and surrounding communities in Union County, ensuring the document is clear and properly executed reduces the risk of disputes and delays when bills, property, or investments need attention. This introduction explains why people create durable financial powers of attorney, how they operate under Tennessee law, and what basic choices you will face when naming an agent and drafting provisions that reflect your preferences and circumstances.
Creating a durable financial power of attorney is about planning so your finances are maintained according to your wishes if you become incapacitated. The document allows a trusted person to pay bills, manage bank accounts, handle taxes, and oversee property transactions on your behalf. Many clients in Condon choose to pair this document with other estate planning tools for a more complete plan. We focus on clear instructions, practical safeguards, and state-compliant formalities so the document will be accepted by institutions and function smoothly when it is needed most.
Why a Durable Financial Power of Attorney Matters
A durable financial power of attorney provides continuity for financial affairs without court intervention. When properly drafted, the document can prevent the necessity of a guardianship or conservatorship, which can be time-consuming and costly. It allows a trusted agent to handle day-to-day transactions, protect assets, and make financial decisions in line with the principal’s wishes. For families in Condon, this means faster access to funds for care needs, better protection against missed bills or penalties, and a clear delegation of responsibilities that reduces uncertainty at stressful times.
About Jay Johnson Law Firm and Our Approach to Financial Powers of Attorney
Jay Johnson Law Firm serves clients in Condon, Union County, and across Tennessee with practical planning solutions for personal and family finances. Our approach emphasizes clear communication, careful drafting, and an understanding of how financial institutions and government programs respond to powers of attorney. We work with clients to identify appropriate agents, to include tailored authority and limitations, and to ensure the document complies with state requirements so it will be accepted when needed. Our goal is to provide practical, reliable planning that gives you and your loved ones confidence and peace of mind.
Understanding Durable Financial Powers of Attorney
A durable financial power of attorney is a legal instrument that grants authority to another person to manage the principal’s financial matters. Unlike a general power of attorney that may terminate if the principal becomes incapacitated, a durable document remains effective when incapacity occurs if drafted with the appropriate durability language. In Tennessee, proper execution and clear language are important to ensure banks, retirement plan administrators, and other third parties will recognize the agent’s authority. Understanding the scope and limits of that authority helps protect the principal’s assets and interests.
Key decisions in creating a durable financial power of attorney include selecting an agent, specifying the powers granted, determining when the document takes effect, and including safeguards against misuse. Some principals grant broad authority to manage almost all financial matters, while others provide limited authority for specific tasks such as paying bills, selling property, or handling investments. Thoughtful planning also anticipates potential conflicts, successor agents, and any required recordkeeping to create a transparent arrangement that family members and institutions can follow when action is required.
What a Durable Financial Power of Attorney Actually Does
A durable financial power of attorney authorizes an appointed agent to act on behalf of the principal on financial matters when the principal is unable or chooses not to act. The document can grant authority over banking, bill payments, investments, tax filings, real estate transactions, and benefits management. Durable status means the authority continues if the principal becomes incapacitated, provided the document contains the correct durability language. Clear definitions of the agent’s authority and any limits are essential to ensure third parties accept the document and the agent acts within the intended scope.
Key Elements to Include in the Document and How the Process Works
A well-drafted durable financial power of attorney includes the principal’s identity, the agent’s identity and any successors, the scope of powers granted, durability language, and execution formalities required by Tennessee law. Clients often choose to include guidance on gifts, transfers, and the agent’s ability to use funds for the principal’s care. The process typically involves an initial consultation to identify goals, drafting the document, reviewing it with the client for clarity, and arranging proper signing and witnessing so institutions will recognize it when presented.
Key Terms and Glossary for Financial Powers of Attorney
Understanding common terms in powers of attorney helps principals make informed choices. Terms such as principal, agent, successor agent, durable, springing, and fiduciary duties recur in drafting and interpretation. Knowing the difference between durable and non-durable, the role of a successor agent, and the agent’s responsibilities to keep accurate records and act in the principal’s best interests reduces confusion. Clear definitions make it easier to discuss options, set limits, and ensure the document will operate as intended in practical situations involving banks, property transfers, and benefits administration.
Durable Financial Power of Attorney (Definition)
A durable financial power of attorney is a legal document that appoints an agent to handle a principal’s financial affairs and contains language that keeps the agent’s authority in effect if the principal later becomes incapacitated. The durability clause is what distinguishes it from a general power of attorney that may end when the principal cannot act. The document should specify the scope of authority, whether it takes effect immediately or upon a triggering event, and name successor agents to step in if the original agent cannot serve, all while complying with Tennessee formalities.
Agent and Successor Agent
An agent is the person appointed to act on the principal’s behalf, with authority defined by the document. A successor agent is an alternate designated to assume responsibilities if the primary agent is unable or unwilling to serve. Selecting an agent involves balancing trust, availability, proximity, and skill at handling financial tasks. A successor agent provides continuity if a change becomes necessary. Clear instructions about the agent’s powers, recordkeeping, and any compensation help prevent misunderstandings and enable institutions to accept the agent’s actions with confidence.
Durability Clause and Triggering Events
The durability clause states that the power of attorney remains effective if the principal becomes incapacitated. A document can be durable from its signing date or it may be springing, taking effect only upon a specified event such as a physician’s determination of incapacity. Each approach has trade-offs. Immediate durability allows the agent to act without delay, while a springing document may require proof of incapacity before institutions accept the agent’s authority. Clear drafting helps reduce the likelihood of disputes over whether the triggering event has occurred.
Fiduciary Duties and Limitations
Agents owe fiduciary duties to the principal, which generally include acting loyally, keeping accurate records, avoiding conflicts of interest, and carrying out the principal’s instructions. Limitations can be placed on an agent’s authority to prevent particular transactions or require co-agents to act together. Providing explicit instructions about permissible actions, gift-giving, or transfers to relatives can guide the agent and reassure family members. Including oversight measures like periodic accountings may deter misuse and promote transparency in the agent’s management of financial affairs.
Comparing Legal Options for Financial Decision-Making
When planning for potential incapacity, there are several legal alternatives to consider. A durable financial power of attorney offers a private, court-free method of appointing a trusted person to manage finances. A guardianship or conservatorship proceedings create court supervision and are often more intrusive and costly. Limited powers of attorney can be appropriate for short-term needs, but may not cover incapacity. Choosing the right tool depends on family dynamics, the complexity of financial affairs, and the principal’s preferences regarding control and oversight.
When a Limited Power of Attorney May Be Appropriate:
Short-term or Transaction-Specific Needs
A limited power of attorney can be suitable when the principal needs someone to complete specific tasks for a defined period, such as closing a real estate sale, managing a single tax filing, or handling a temporary absence. This approach narrows the agent’s authority to the particular tasks described in the document, reducing the potential for unintended actions. It is a practical choice when incapacity is not the primary concern and the principal wants to minimize the delegation of broader financial control.
Low Complexity Financial Situations
When finances are straightforward and unlikely to require long-term management, a limited power of attorney may provide the necessary authority with minimal intrusion. For example, a person with a few bank accounts or simple transactions may prefer a narrowly tailored document that authorizes a trusted individual to act in clearly defined circumstances. This can reduce the paperwork and oversight associated with broader instruments while still enabling practical assistance for specific needs.
Why a Comprehensive Durable Power of Attorney May Be a Better Choice:
Potential for Long-Term Care Needs
If there is any possibility of long-term incapacity or complex financial matters, a comprehensive durable financial power of attorney provides broader authority so that bills, investments, taxes, and property transactions can be managed without repeated legal intervention. This approach helps families avoid delays and additional expense that can result when courts must appoint guardians. Drafting a comprehensive document also allows the principal to include specific instructions about the use of assets to pay for care, reducing ambiguity in difficult times.
Complex or Varied Financial Affairs
When financial affairs involve multiple accounts, business interests, investments, or real estate, a comprehensive durable power of attorney ensures an agent has the flexibility to act effectively across varied needs. The document can grant authority tailored to those complexities while also including constraints or reporting requirements to maintain oversight. This prevents gaps in authority that can hinder the agent’s ability to protect assets, meet obligations, or respond to time-sensitive transactions.
Benefits of a Comprehensive Durable Financial Power of Attorney
A comprehensive durable power of attorney gives a designated agent the authority needed to manage a wide range of financial matters, avoiding court intervention and potential delays. It supports continuity of financial operations, from regular bill payments to managing accounts and handling real estate transactions. This continuity can be especially important when prompt action is required to prevent penalties, maintain benefits, or preserve property value. Clear, comprehensive instructions also reduce uncertainty for family members during stressful periods.
Another benefit of a comprehensive document is the opportunity to build in protections and oversight: successor agents, constraints on gifts or transfers, and requirements for regular accountings can be included to balance authority with accountability. By addressing foreseeable scenarios when the document is drafted, principals create a practical tool that institutions will accept and agents can follow, minimizing conflicts and ensuring decisions are consistent with the principal’s intentions.
Continuity of Financial Management
A comprehensive durable power of attorney helps maintain uninterrupted management of financial responsibilities. When an agent is authorized broadly, they can respond quickly to urgent matters such as mortgage payments, tax filings, or investment opportunities without waiting for court approval. This continuity protects credit, maintains services, and reduces the risk that assets will be lost or mismanaged during a period of incapacity. It also gives family members clearer expectations about who will handle financial affairs.
Flexibility with Safeguards
Comprehensive authority can be paired with specific safeguards that limit potential misuse while allowing necessary actions. Provisions can require multiple agents to act together, prohibit gifts to the agent, mandate periodic accountings, or appoint a trusted overseer. These measures provide balance: the agent has the flexibility to act where needed, but there is structure to promote transparency and protect the principal’s assets. Thoughtful drafting aligns authority with safeguards for reassurance.
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Practical Tips for Durable Financial Powers of Attorney
Choose an Agent Thoughtfully
Selecting the right agent is one of the most important choices when creating a durable financial power of attorney. Consider a person who is available, organized, trustworthy, and capable of managing finances over time. Proximity can matter for practical tasks, but many responsibilities can be handled remotely. Discuss expectations and your wishes with the person before naming them so they understand the duties involved. Naming successor agents ensures continuity if the primary agent cannot serve, and including clear instructions can reduce potential family disagreements.
Be Clear About the Scope and Limits
Keep Records and Provide Guidance
Ask the agent to keep thorough records of transactions and decisions made on your behalf to maintain transparency and protect both parties. Provide a list of accounts, contacts, and documents the agent will need, and consider including guidance in the power of attorney about paying for your care, handling gifts, and managing business interests. Regularly review the document and your selection of agent as circumstances change, and store the executed document where the agent and family can access it when necessary.
Reasons to Consider a Durable Financial Power of Attorney
A durable financial power of attorney provides practical assurance that your financial affairs will be managed according to your preferences if you cannot act. It prevents unnecessary delays in paying bills, filing taxes, or maintaining property and can avoid the expense and publicity of court-appointed guardianship proceedings. For individuals with dependents, business interests, or complex assets, having an authorized agent helps ensure continuity and protections that family members might otherwise lack when sudden incapacity occurs.
Prudence and peace of mind are also common reasons people create these documents. Planning ahead allows you to choose who will handle finances, outline expectations, and reduce potential conflict among relatives. It gives the agent clear authority to interact with banks and government agencies, which can otherwise be a significant barrier for family members trying to handle urgent matters. Putting a durable financial power of attorney in place is a practical step most homeowners and account holders should consider as part of a responsible planning strategy.
Common Situations Where a Durable Financial Power of Attorney Is Useful
Circumstances that frequently call for a durable financial power of attorney include sudden illness, progressive cognitive decline, extended hospitalization, travel that leaves you unavailable, or transitions in caregiving needs. It’s also useful for people who own significant assets, run businesses, or manage rental properties, because the appointed agent can step in to handle time-sensitive issues. Preparing the document in advance avoids scrambling for documents during emergencies and provides a clear path for managing financial responsibilities.
Sudden Medical Incapacity
When medical emergencies occur unexpectedly, a durable financial power of attorney ensures a trusted person can immediately pay bills, manage accounts, and make financial decisions without delay. This reduces the risk of late fees, missed payments, or disruption of essential services. Having the document in place beforehand prevents the need for court-supervised interventions and provides family members with a legally recognized authority to act in the principal’s financial interests during a critical time.
Progressive Cognitive Changes
For individuals experiencing progressive cognitive conditions, advance planning with a durable power of attorney allows for a planned transition of financial responsibilities to a trusted agent. It provides a clear framework for ongoing management of investments, benefits, and daily expenses while respecting the principal’s preferences. Early planning helps preserve autonomy for as long as possible while ensuring safeguards are in place for future decision-making when independent management becomes difficult or unsafe.
Complex Financial or Business Affairs
Owners of businesses, rental properties, or extensive investment portfolios benefit from a durable power of attorney because the appointed agent can act without interruption to protect the enterprise and preserve value. Business operations often require timely decisions, and an authorized agent can handle payroll, contracts, and bank matters while the principal is unavailable. Including specific instructions for business continuity in the document reduces the risk of costly delays or breaches of contract during periods of incapacity.
Local Legal Support for Durable Financial Powers of Attorney in Condon
Jay Johnson Law Firm is available to assist Condon residents with drafting, reviewing, and executing durable financial powers of attorney tailored to individual needs. We help clients identify appropriate powers, name agents and successors, and provide language that complies with Tennessee formalities. Our goal is to create documents that banks and other institutions will accept and agents can rely on, reducing stress for families when those documents are needed. We also advise on coordinating powers of attorney with other planning documents for a cohesive plan.
Why Choose Jay Johnson Law Firm for Durable Financial Powers of Attorney
Choosing legal guidance for a durable financial power of attorney ensures the document is drafted to reflect your intentions and follows Tennessee requirements for execution. We help clients weigh the advantages of immediate versus springing authority, outline powers clearly, and include successor arrangements. Our process focuses on practical clarity so institutions accept the document and family members understand the agent’s role. We aim to make the process accessible and dependable for all clients in Condon and Union County.
We also assist with related planning steps so the durable financial power of attorney works within a broader plan. That may include coordinating with wills, healthcare directives, and beneficiary designations to ensure a consistent approach across documents. By aligning these elements, the appointed agent can manage funds in a way that supports overall estate and care planning goals. Clear communication with the principal and named agents reduces the likelihood of future disagreements and operational problems.
Our firm prioritizes accessible explanations and practical drafting choices that reflect real-life scenarios. We help clients anticipate common institutional requirements, suggest practical safeguards such as successor agents and accounting provisions, and explain how to store and share the executed document. This focus on useability helps ensure the durable financial power of attorney is effective when presented to banks, retirement plan administrators, and other entities that may request proof of authority.
Talk to Us About Preparing Your Durable Financial Power of Attorney Today
How We Handle Durable Financial Power of Attorney Matters
Our process begins with a consultation to understand your financial situation, who you trust to act, and any specific instructions you wish to include. We draft a document tailored to those needs, review it with you for clarity, and arrange proper signing and witnessing so it will be accepted by third parties. We also discuss storage and distribution of the executed document. The goal is to produce a durable financial power of attorney that functions smoothly and reduces the need for later corrections or litigation.
Step One: Initial Consultation and Planning
In the initial consultation we identify your goals, list accounts and assets, and discuss potential agents and successors. This stage clarifies whether you need immediate durability or a springing document, and whether any specific transactional limits or reporting requirements should be included. We explain the practical implications of different choices and recommend options that align with your priorities, focusing on a document that institutions will recognize and an arrangement families can follow easily.
Discussing Goals and Naming an Agent
We guide you through considerations for naming a primary and successor agent, discussing availability, willingness, and ability to handle financial tasks. We also explore whether co-agents or conditions are appropriate. This conversation helps prevent future conflicts by ensuring the selected person understands the role and responsibilities and by clarifying the principal’s expectations for how assets should be managed and used to cover living and care expenses.
Identifying Assets and Required Authority
During planning we compile a list of accounts, property, and income streams that the agent may need to manage. This allows us to tailor the authority granted to the agent, ensuring necessary powers are included for tasks like accessing bank accounts, handling investments, and managing tax matters. Accurate identification of assets reduces the chance that the agent will encounter institutions that question the document’s scope or refuse to recognize it.
Step Two: Drafting and Review
After gathering information, we draft the durable financial power of attorney customized to your objectives and the practical needs of your financial institutions. We include clear durability language, name successor agents, and add any constraints or reporting requirements you request. We then review the draft with you to confirm it reflects your intentions and answer any questions about how various clauses will operate in real-world situations, ensuring the document provides clear and effective authority.
Tailoring Authority and Safeguards
Drafting includes balancing broad powers that enable effective management with safeguards such as limitations on gifts, co-agent requirements, or mandatory accountings. These provisions are designed to protect the principal’s interests while ensuring the agent can act when necessary. Thoughtful drafting anticipates the reactions of banks and other institutions to reduce the chances of challenges when the agent presents the document.
Reviewing for Clarity and Compliance
We review the document line by line to ensure durable language is clear, signatures and witness or notary requirements are met, and any state-specific formalities are satisfied. This review reduces the risk that institutions will question the document’s validity. We also discuss where and how to store the executed document and provide guidance on sharing copies with the agent and relevant institutions so it will be available when needed.
Step Three: Execution and Ongoing Maintenance
Once the document is executed with the proper formalities, we provide instructions for distribution and storage. We recommend providing copies to the agent, successor agents, and key financial institutions while keeping the original in a secure place. Periodic review is suggested to confirm the agent continues to meet your needs and to update the document if your circumstances or wishes change. Ongoing maintenance ensures the power of attorney remains current and effective.
Proper Signing and Notarization
Proper execution often requires signatures, witness attestation, and notarization to satisfy institutional requirements. We ensure the signing process follows Tennessee procedures to minimize the chance of a bank or other entity refusing the document. Providing originals or certified copies to necessary institutions helps avoid delays when the agent needs to act on behalf of the principal, and we explain whom to notify and how to present the document for acceptance.
Updating and Revoking When Needed
A durable financial power of attorney can be updated or revoked when you are competent to do so. If circumstances change, such as the agent’s availability or your financial arrangements, we can revise the document and distribute replacements to institutions. We also advise clients how to properly revoke a prior document so that all parties understand which authority is current, including notifying banks and other entities to prevent confusion or conflicting claims of authority.
Frequently Asked Questions About Durable Financial Powers of Attorney
What does a durable financial power of attorney let someone do?
A durable financial power of attorney grants an appointed agent authority to manage a principal’s financial affairs. This can include paying bills, managing bank and investment accounts, filing tax returns, handling property transactions, and interacting with government agencies on the principal’s behalf. The scope of authority depends on how the document is drafted; it can be broad to allow overall financial management or limited to specific tasks the principal designates. The document’s durability keeps the authority in place if the principal becomes incapacitated, provided appropriate language is used. Selecting the appropriate powers and including clarity about limits helps ensure institutions will accept the agent’s actions. Clear definitions of terminology and explicit permissions for typical transactions reduce the chance of institutional hesitation. Additionally, naming successor agents and including instructions for recordkeeping and reporting promotes accountability and continuity in financial management during periods when the principal cannot act.
How do I choose the right agent for financial decisions?
Choosing an agent involves weighing trust, availability, organizational skills, and willingness to act. Many principals appoint a close family member or a trusted friend who understands their financial situation and can handle routine and complex tasks when needed. Discussing the role in advance ensures the person understands the responsibilities. It is also wise to name successor agents in case the primary agent cannot serve, and to consider whether co-agents are appropriate when shared decision-making is desirable. Practical considerations include proximity for certain tasks, familiarity with the principal’s financial accounts, and the ability to keep careful records. Selecting someone who can communicate effectively with financial institutions and family members will reduce potential conflicts. The appointment should be reviewed periodically to confirm the agent remains the best choice given changing circumstances.
When does a durable power of attorney take effect?
A durable power of attorney can take effect immediately upon signing or it can be drafted as a springing document that becomes effective only when a specified event, such as a physician’s determination of incapacity, occurs. Immediate durability allows the agent to act right away, which can be helpful for ongoing management or when the principal anticipates prolonged absence. Springing authority delays the agent’s powers until a triggering event is verified, which some principals prefer for perceived additional safeguards. Each approach has trade-offs. Immediate durability avoids delays and the need for institutional confirmation of incapacity, whereas a springing document may require medical proof or other formalities before an institution accepts the agent’s authority. Discussing these options helps you choose the approach that best balances access to management and your comfort level with delegation.
Can a power of attorney be limited or revoked after signing?
Yes, a power of attorney can be limited in scope and it can be revoked by the principal while the principal is competent. Limitations might restrict the agent to certain transactions, require co-agents to act together, or prohibit specific actions such as making gifts or selling certain property. Clear limitations reduce the potential for unwanted transactions and provide guidance to both the agent and third parties who review the document. Proper drafting will identify the precise authorities and any constraints the principal desires. If circumstances change, a principal who is mentally competent can revoke or replace an existing power of attorney by executing a new document and notifying the appointed agent and relevant institutions. To avoid confusion, it is important to provide written notice of revocation to banks, brokerage firms, and other parties that relied on the prior document so the new status is clear.
Will banks and institutions accept my durable power of attorney?
Many banks and institutions will accept a durable power of attorney if the document is properly executed and contains clear authority. Financial institutions may have their own forms or require particular language, witnessing, or notarization, so including durable language and following Tennessee signing formalities improves acceptance. It is helpful to inform institutions in advance and provide certified copies if requested. Some institutions may ask for additional verification or refuse to accept certain powers without further documentation, so planning for institution-specific requirements is prudent. To reduce obstacles, provide the agent with copies of account statements, contact information for banks, and a summary of permissions they will need. Addressing potential institutional concerns during drafting and by coordinating with the institution ahead of time can prevent delays when the agent presents the power of attorney to transact business on behalf of the principal.
What is the difference between a springing and an immediate durable power of attorney?
However, springing powers often require proof that the triggering event has occurred, which can delay the agent’s ability to act in urgent situations. Institutions may seek medical records or a physician’s certification before accepting the agent’s authority under a springing document. The choice between immediate and springing durability should be made after considering the likelihood of incapacity, the need for prompt action, and how comfortable the principal is with granting authority in advance.
Should I include instructions about gifts or transfers in the document?
Including instructions about gifts or transfers is a personal decision and depends on your goals and family dynamics. If you want to allow the agent to make gifts to family members or support charitable causes, explicitly state those powers and any limits to avoid ambiguity. Conversely, if you want to restrict gifts or transfers to prevent misuse, include clear prohibitions. Specific instructions guide the agent and reduce disputes among heirs or family members who may be concerned about changes to the principal’s estate during incapacity. When permitting gifts, consider setting monetary limits, requiring joint action by successor agents, or mandating recordkeeping and disclosure to others. These measures can allow flexibility for practical needs while providing safeguards to protect the principal’s long-term interests and ensure actions align with the principal’s intentions.
How often should I review or update my power of attorney?
It is a good idea to review your durable power of attorney periodically and whenever significant life events occur, such as changes in marital status, a move, substantial changes in assets, or a change in the person you would appoint as agent. Reviewing the document every few years helps confirm it still reflects your wishes and that the named agents are willing and able to serve. Updating the document when circumstances change prevents confusion and ensures the authority granted remains appropriate for present needs. If you move to another state, consult about whether the document will be recognized under the new state’s laws or whether revisions are advisable. Regular reviews also give you the opportunity to add safeguards, name different successor agents, or change instructions as your priorities evolve.
What happens if an agent misuses the authority granted to them?
If an agent misuses authority, legal remedies are available to hold the agent accountable and to protect the principal’s assets. Family members or interested parties may petition the court to remove the agent, seek a court accounting, or pursue civil remedies for breach of duty. The agent’s fiduciary responsibilities require acting loyally and transparently, and evidence of misuse can lead to removal and potential restitution. Including oversight provisions and successor agents in the document can help address problems before they escalate. Preventive measures such as requiring periodic accountings, naming co-agents, and keeping clear records reduce the risk of misuse. Prompt action by family members and communication with financial institutions can limit losses, and legal counsel can guide the process for addressing alleged misconduct and restoring control of financial affairs to a responsible party.
Do I need a lawyer to create a durable financial power of attorney in Tennessee?
You are not required to use a lawyer to create a durable financial power of attorney, but legal guidance can be valuable to ensure the document contains appropriate durable language, complies with Tennessee signing formalities, and addresses institution-specific concerns. Well-drafted documents reduce the likelihood that banks or other entities will question the authority and avoid problems that can arise from ambiguous wording. A lawyer can tailor the document to your circumstances and help you weigh choices such as immediate versus springing authority, agent selection, and included safeguards. If you choose to prepare a document without legal assistance, carefully follow state requirements and consider consulting with institutions to learn their acceptance policies. Regardless of the path you choose, be certain to keep the executed document in a secure location and provide copies to the agent and relevant institutions so it is available when needed.