When does someone become a Power of Attorney (POA) for someone? It is when a person is alive but unable or unwilling to handle financial obligations. This obligation terminates once a person designates another person to be their Power of Attorney or can manage their financial responsibility or the person dies.

When becoming a Power of Attorney, you must understand a person’s income, assets, and liabilities.  You also need to understand how everything is listed.  Is it listed in the person’s name or a Trust name?

Power of Attorney Checklist – Person’s Information and Trust’s Information:

• Do you have a completed Power of Attorney document that is signed and dated?
• Estate Planning Attorney’s name and contact information:
• Legal Name:
• Social Security Number (SSN):
• Date of Birth:
• Trust Name:
• Employee Identification Number (EIN) or tax ID for Trust:

Income Resource and Amount:

• Social Security Income (disability, retirement)
• Pension(s)
• Annuity
• Charitable Gift Annuity
• IRA(s)
• 401K(s)
• Business income
• Rental Property Income
• Dividend Income
• Interest Income
• Royalty Income, including terms and payment plan
• Personal Loans, including who is paying, payment plan, and terms of the loan
• Sale of an item’s terms and proceeds

Assets:

• Personal Checking Account(s) – Financial Institution Name(s), Address and Account Number
• Personal Savings Account(s) – Financial Institution Name(s), Address and Account Number
• Personal Money Market Account(s) – Financial Institution Name(s), Address and Account Number
• CD Account(s) – Financial Institution Name(s), Address and Account Number
• Financial Advisor(s) name, firm’s name, account number(s), and types of accounts
  •  Stocks
  •  Bonds
  •  Mutual Funds
  •  Cash
• Personal Property (s) including address(es) – primary residence? Any additional property(s) – need details.
• Personal car(s), including make, model, and year
• High-value personal items (jewelry, watches, art, furniture, etc.) – What is it? Where is it? Is it insured? Appraisal amount?

Liabilities:

• Rent / Mortgage – how paid and when due? 
• Auto-pay / send payment
• How are utility bills (gas, electric, and trash pick up) paid, and when are they due? Auto-pay / send payment
• Credit card bill(s) – how paid and when due? Auto-pay / send payment – Visa / Mastercard / Discover / American Express – financial institution, contact, card number
• Automobile(s) – Car payments?
• Lease or Loan? If yes, include the financial institution name, contact information, lease/loan number – Payment plan, and when due.
• Automobile registration –Due date and how paid?
• Loan payments – get details including who to pay, payment plan, and loan terms.
• Safe Deposit Box – Box location, key location, who is authorized to go into it, how paid, and when it is due.
• Property Taxes – When due, who to pay, and how paid?
• Are there HOA fees? If yes, then who to pay? When are they due? How are they paid?
• Caregiver/help expenses?

Personal Insurances:

Homeowner’s/Property Insurance for each address

• Carrier & contact info
• Policy number
• Policy period
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)

Rental Insurance

• Carrier & contact info
• Policy number
• Policy period
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)

Auto Insurance for each car

• Carrier & contact info
• Policy number
• Policy period
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)

Umbrella Policy

• Carrier & contact info
• Policy number
• Policy period
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)

Annuity

• Carrier & contact info
• Policy number
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when) and terms of policy

Long Term Care

• Carrier & contact info
• Policy number
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)
• Waiting Period before policy pays claim
• Terms of claims paid

Life Insurance (list all policies)

• Carrier & contact info
• Policy number
• Payment plan (amount and how paid – annual, semi-annual, quarterly, monthly, and when)

Health Insurance (primary and excess policy(s) if applicable)

• Carrier & contact info
• Policy number
• How is this policy paid?

Dental Insurance

• Carrier & contact info
• Policy number
• How is this policy paid?

Eye Insurance

• Carrier & contact info
• Policy number
• How is this policy paid?

Checklist for Power of Attorney – Additional Information Needed:

• Tax Specialist Name, Address, and Phone Number
• What assets and liabilities are in the person’s name?
• What assets and liabilities are in the Trust’s name?  
• Does Power of Attorney apply to assets and liabilities in the Trust name?

Rental Property:

• Is there a Property Manager managing the Property (ies)?
• Lease agreement – What are the terms? When does it renew?
• Rental Expenses
  • Property taxes – Who to pay? When to pay? How much to pay?
  • City/County taxes or rental fees – Who to pay? When to pay? How much to pay?
  • Are there maintenance fees? Who oversees this? Who to pay? When to pay?

Rental Insurance

• Type of policy:
• Agent’s name:
• Carrier’s Name:
• Policy number:
• Policy Period :
• Payment info (amount and how paid):

Checklist for Power of Attorney – For People that own business(es):

• Company Name(s):
• Type of Company (sole proprietor, LLP, Partnership, Corporation):
• Ownership details:
• Describe the current status of the company:
• Business Financial Statements (Income, Balance, Profit & Loss):
• Address (es):
• Company Assets (company owned Property, cars, and inventory):

Business Insurance (type – commercial general, workers’ comp, professional lines, etc.)

• Type of policy:
• Agent’s name:
• Carrier’s Name:
• Policy number:
• Policy period
• Payment info (amount and how paid):

Business Banking Accounts:

Checking account(s)

• Banking Institute:
• Account Number:

Saving account(s)

• Banking Institute:
• Account Number:

Money Market Account(s)

• Banking Institute:
• Account Number: