A power of attorney is a legal document that appoints another individual to handle your financial matters. As the “principal,” you execute a power of attorney, and the one appointed to act on your behalf is an “agent.” An agent may also be called an “attorney-in-fact.”

You can make powers of attorney as broad or limited as you wish. Most of these documents grant all the powers listed in the form and remain effective regardless of your capacity. Other options include a power of attorney that only becomes effective upon incapacity or a power of attorney that addresses a specific matter, e.g., closing on a new business deal, buying a car, etc.

Your attorney-in-fact or agent must be over the age of 18 and offer the expertise and mental maturity to act in your best interest. Many people choose a spouse, live-in partner, close friend, or business partner to act in this capacity.

Your agent’s responsibilities depend entirely on you. You can authorize your agent to act to complete one transaction or have them manage all of your financial affairs. The form lists specific powers, which are explained in more detail in the Durable Power of Attorney Act, Chapter 49A, Subchapter II. Indicate which areas are appropriate for your agent by initialing where you want them to act or cross out those you do not want them to touch. For example, you may wish to authorize your agent to handle transactions with financial institutions but prefer not to change your retirement plan.

Your power of attorney must be notarized and signed by one witness who is not related to you or a beneficiary of your estate. You can find notary publics at print and mail service businesses who often keep them on staff. They charge a small fee. Your local bank branch may also have a notary public on-site.

Delaware forms contain a notice and agent certification where your agent (or attorney-in-fact) acknowledges they are aware of their duties to act on behalf of the principal. While it is not required, it is easier to challenge an agent’s authority if left unsigned. Sign the signature block for the principal and have your appointed agent sign their section.

Store your original power of attorney in a safe fire-proof spot, usually a safety deposit box or fireproof cabinet at home. Make copies and provide them to your agent and anyone else you believe needs the information (like a business partner). Also, keep a copy where others can access it, like a desk drawer or a file labeled “estate planning documents.”

If you decide to change agents or revoke a power of attorney, you have two options. You can execute a new power of attorney or sign a revocation affidavit withdrawing your current power of attorney.