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The Wells Fargo Power of Attorney (POA) form serves as a crucial document for individuals wishing to designate someone as their attorney-in-fact for managing their Allspring Funds accounts. This form allows account owners to specify the extent of authority granted to their chosen agent, which can include both non-retirement and retirement accounts. It is important to note that the form cannot be used for custodial, estate, or guardianship accounts. The account owner must provide personal information, such as their name, Social Security number, and details about any applicable trust. The form offers options for establishing either a durable or nondurable power of attorney, determining whether the authority continues in the event of the owner's incapacitation. Additionally, the agent is empowered to perform various financial transactions, including buying, selling, and transferring mutual fund shares, as well as managing account distributions. Notably, the form requires notarization to validate the appointment of the attorney-in-fact, ensuring that all parties understand the legal responsibilities involved. Understanding the implications of this document is vital, as it grants significant authority over the account owner's financial affairs.
Preview - Wells Fargo Power of Attorney Form
Adding a Power of Attorney (POA) to a
Home Equity or Mortgage Account
Apotential
•The Submission Cover Sheet and notarized Affidavit provided on the following pages.
•A certified copy of the POA document. A certified copy must be verified by an official with certification duties (such as a notary public or court official) as a true and correct duplicate of the original.
•A copy of documents verifying the Agent’s Social Security number, which could be:
oSocial Security card or W2
•A copy of documents verifying the Agent’s name, address, and date of birth, which could be:
oDriver’s license
oState ID card
oUS government issued alien ID card.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A.
© 2022 Wells Fargo Bank. All rights reserved. NMLSR ID 399801 593821 (Rev 05 - 09/22)
Page 1 of 4
Power of Attorney Submission Cover Sheet
Please complete all sections of the form below and submit it with your Power of Attorney documents. Incomplete submissions may be delayed in processing or may be declined.
(A)Principal Information:
The “Principal” is the Borrower or Accountholder (the person for whom the Agent will be acting).
Today’s Date (mm/dd/yyyy) |
Account Number |
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Principal Name |
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Principal Street Address |
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City |
State |
ZIP Code |
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Principal Phone Number |
Principal Alternate Phone Number |
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(B)Agent Information: To help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account. You must provide your name, address, date of birth, and other information that will allow us to identify you.
The “Agent” is the person who will be using the Power of Attorney to act on the Principal’s behalf.
Agent Name (First, Middle, Last)
Agent Street Address
City |
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State |
ZIP Code |
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Agent Phone Number |
Agent Date of Birth (mm/dd/yyyy) |
Agent Social Security Number |
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Are you a U.S. citizen? |
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Are you a permanent resident |
alien? |
Yes |
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Yes |
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No |
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No |
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Relationship to Principal |
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How long have you known the Principal? |
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Agent Occupation:
Executive/Professional |
Office |
Student |
Other |
Homemaker |
Production |
Teacher |
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Labor |
Retired |
Trade |
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Military/Diplomat/Government Official Manager |
Sales |
Unemployed w/ income |
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Owner |
Service |
Unemployed w/o income |
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To help us better understand the nature of the request, please advise specifically what types of requests the Agent will be doing on the Principal’s account and the purpose of the requests going forward: (must check at least one; check all that apply)
Payments Only |
Update Account Information |
Inquiries |
Make Advances (lines of credit only) |
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © |
|
2022 Wells Fargo Bank. All rights reserved. NMLSR ID 399801 |
|
593821 (Rev 05 - 09/22) |
Page 2 of 4 |
General Awareness |
Close Account (lines of credit only) |
Obtain Documentation |
Other: (please explain) |
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____________________________________________________________ |
In an effort to protect the privacy of our borrower, please indicate the need for a Power of Attorney:
(must check at least one; check all that apply)
Principal Overseas
Possible Future Need
Medical Purposes
Other: (please explain)
_________________________________________________________________________________________
Is the Principal incapacitated or otherwise unable to care for his/her financial affairs? An “incapacitated” person may not be able to make or communicate responsible personal decisions; and/or may exhibit an inability to meet his/her own personal needs for medical care, nutrition, clothing, shelter, or safety.
(you must check either yes or no)
Yes
No
You can submit your request by mail or fax to:
Wells Fargo
PO Box 10335
Des Moines, IA 50306
Home Equity
Fax:
Home Mortgage
Fax:
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © |
|
2022 Wells Fargo Bank. All rights reserved. NMLSR ID 399801 |
|
593821 (Rev 05 - 09/22) |
Page 3 of 4 |
AFFIDAVIT
I, ________________________________________________ having a mailing address of
_____________________________________________________________________________________________
being duly sworn, hereby make the following statements based upon my personal knowledge:
1.I am the
(the Principal), which power of attorney is dated _______________________, ________. (Please insert the date that the original Power of Attorney document was signed by the Principal)
2.As of this date:
•The power of attorney has not been amended, revoked or terminated by the Principal;
•The principal has not died;
•If I am the spouse of the Principal, no action for divorce, annulment or separation has been commenced by me or the Principal;
•A guardian has not been appointed for the Principal.
3.I have examined the legal descriptions(s), if any, attached to the power of attorney and certify that the description(s) have not been changed, replaced, or amended subsequent to the signing of the power of attorney by the Principal.
4.I make this affidavit with the intention that it be relied upon by Wells Fargo Bank, N.A, in connection with a loan or line of credit to the Principal, secured by a mortgage or deed of trust of the Principal’s real estate (the “transaction”).
5.For purposes of the transaction, I understand that Wells Fargo will continue to rely on the representations contained in this affidavit after the loan or the line of credit is opened. I will promptly notify Wells Fargo of any future modification or revocation by the Principal.
6.I certify that I am submitting a true and correct duplicate of the original power of attorney.
7.For Line of Credit Products Only: If I am granted the power to make advances, I certify that any advances I make are only going to be utilized strictly for the benefit of the Principal and/or the collateral. The Bank may suspend the use of the Account and prohibit future advances during the Draw Period for any reason permitted by applicable law and/or the Account documents.
Initials ________
I declare under penalty of perjury that the information I have provided in this Affidavit and Cover Sheet is true and correct. Knowingly submitting false information on this form could subject you to civil and/or criminal prosecution.
Signed this _________day of ________________________, 20_____
_________________________________________ (Signature of Agent)
State of _______________________County of __________________________ Date _______________
This document was acknowledged and sworn to before me by ____________________________________ (Insert
name of the person signing the affidavit). They have presented the original Power of Attorney and I certify that this is a true and correct duplicate.
Signature of Notarial Officer ____________________________________________
Printed Name of Notarial Officer _________________________________________
Commission Expires: _______________ |
(Place seal of notary in the space below) |
A notary public or other officer completing this certificate verifies only the identity of the individual who signed the document, to which this certificate is attached, and not the truthfulness, accuracy, or validity of that document.
Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © |
|
2022 Wells Fargo Bank. All rights reserved. NMLSR ID 399801 |
|
593821 (Rev 05 - 09/22) |
Page 4 of 4 |
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Document Specifics
| Fact Name | Details |
|---|---|
| Purpose | This form designates an individual as attorney-in-fact for Allspring Funds accounts. |
| Account Limitations | Attorneys-in-fact cannot be designated on custodial, estate, or guardianship accounts. |
| Power Types | The form allows for durable or nondurable power of attorney designations. |
| Durable Power | A durable power of attorney remains effective even if the account owner becomes incapacitated. |
| Nondurable Power | A nondurable power of attorney terminates upon actual notice of the account owner's incapacitation. |
| Agent's Responsibilities | The agent must act in the principal's best interest and avoid conflicts of interest. |
| Revocation Rights | Account owners can revoke the power of attorney at any time while competent. |
| Governing Law | This power of attorney is governed by applicable California law. |
| Notarization Requirement | The signatures on the form must be notarized to be valid. |
| USA PATRIOT Act Compliance | Identification information is required from the agent to comply with the USA PATRIOT Act. |
Wells Fargo Power of Attorney: Usage Instruction
Completing the Wells Fargo Power of Attorney form is an important step in designating someone to manage your Allspring Funds account(s). This process requires careful attention to detail to ensure that all necessary information is provided accurately. Below are the steps to fill out the form correctly.
- Begin by entering your account information. Include your full name, Social Security number, and the name of any joint account owner or co-trustee, if applicable.
- If you have a trust, provide the name of the trust and the date it was established. Attach a copy of the relevant sections of the trust document.
- Decide whether you want the power of attorney to apply to all your Allspring Funds accounts or only specific accounts. Indicate your choice and list the account numbers if needed.
- Choose the type of power of attorney: Durable or Nondurable. This choice determines whether the power continues if you become incapacitated.
- Appoint your attorney-in-fact by writing their full name in the designated area. This person will act on your behalf regarding the specified accounts.
- Read the section about the rights and responsibilities of your attorney-in-fact. Ensure you understand what powers you are granting.
- Sign and date the form in the appropriate section. If applicable, have the joint account owner or co-trustee also sign and date the form.
- Visit a notary public to have your signature notarized. The notary will complete their section of the form, confirming your identity.
- If you are appointing an attorney-in-fact, they must also complete their section, providing their personal information and signature, which must be notarized as well.
Once you have completed the form, ensure that all sections are filled out correctly before submitting it to Wells Fargo. If you have questions during this process, you may reach out to their customer service for assistance.
Learn More on Wells Fargo Power of Attorney
What is the purpose of the Wells Fargo Power of Attorney form?
The Wells Fargo Power of Attorney (POA) form is designed to allow an individual to appoint another person, known as the attorney-in-fact or agent, to manage their Allspring Funds accounts. This form can be used for both non-retirement and retirement accounts. It is important to note that an attorney-in-fact cannot be designated for custodial, estate, or guardianship accounts. The appointed agent will have the authority to perform various financial transactions on behalf of the account owner, ensuring that their financial matters can be handled even if they are unable to do so themselves.
What types of powers can be granted to the attorney-in-fact?
The powers granted to the attorney-in-fact can vary based on the selection made on the form. The account owner can choose between a durable or nondurable power of attorney. A durable power of attorney remains effective even if the account owner becomes incapacitated, while a nondurable power of attorney will terminate upon incapacitation. The attorney-in-fact can be authorized to:
- Inquire about and manage account transactions, including buying, selling, and redeeming mutual fund shares.
- Receive account statements and endorse checks payable to the account owner.
- Make beneficiary changes and execute necessary documents for account management.
- For retirement accounts, the agent can make contributions, select distribution options, and request rollovers.
How can the Power of Attorney be revoked or changed?
The account owner has the right to revoke or change the Power of Attorney at any time. This can be done by executing a new Power of Attorney or by creating an amendment that follows the same formalities as the original document. For a durable Power of Attorney, the account owner can only revoke it while they are still competent. Once incapacitated, the powers granted to the attorney-in-fact remain in effect until the account owner provides written notice of revocation.
What are the requirements for executing the Power of Attorney?
To ensure the Power of Attorney is valid, it must be properly executed. This includes the following requirements:
- The document must be signed by the account owner or trustee.
- It must be notarized to confirm the identity of the signatory.
- If applicable, a copy of the trust document should be included if the account is held in a trust.
These steps help to verify the legitimacy of the document and protect all parties involved in the transaction.
Common mistakes
Filling out the Wells Fargo Power of Attorney form can seem straightforward, but many people make common mistakes that can lead to complications. One frequent error is not providing complete account information. It’s essential to fill in all required fields, including the names of account owners, Social Security numbers, and trust details if applicable. Omitting any of this information can delay the processing of the form.
Another common mistake is failing to choose the correct type of power of attorney. The form offers two options: durable and nondurable. A durable power of attorney remains effective even if you become incapacitated, while a nondurable one does not. Choosing the wrong option can have significant implications for how your affairs are managed.
People often forget to sign and date the form. A signature is crucial for the document to be valid. Additionally, if there is a joint account owner or co-trustee, their signature is also required. Neglecting this step can render the entire document ineffective.
Some individuals overlook the necessity of notarization. The form must be notarized to be legally binding. Without this step, the document may not be recognized by financial institutions, which could lead to unnecessary delays or disputes.
Another mistake involves not providing a clear designation for the attorney-in-fact. It's important to specify who will act on your behalf, using their full name. If this section is vague or incomplete, it could lead to confusion about who has the authority to manage your accounts.
People sometimes misunderstand the scope of authority granted to the attorney-in-fact. The form lists various powers, but if you do not clearly indicate which powers apply, the agent may not be able to act as intended. Be specific about the powers you wish to grant.
Additionally, some individuals fail to include the necessary documentation for trust accounts. If your account is part of a trust, you must attach a copy of the title page and the relevant sections of the trust document. Not including these documents can result in the form being rejected.
Another common oversight is not reviewing the form carefully before submission. Mistakes can easily be overlooked, but taking the time to double-check can save you from future headaches. Ensure that all information is accurate and complete.
Lastly, individuals often neglect to inform their attorney-in-fact about their appointment. It’s important that the person you designate is aware of their role and responsibilities. Failing to communicate this can lead to confusion and mismanagement of your affairs.
By being mindful of these common mistakes, you can ensure that your Power of Attorney form is completed correctly, allowing for a smoother process in managing your financial affairs.
Documents used along the form
When completing the Wells Fargo Power of Attorney form, you may also need several other documents to ensure that all legal and financial matters are handled appropriately. Here’s a list of commonly used forms that complement the Power of Attorney.
- Durable Power of Attorney: This document allows an agent to make decisions on behalf of the principal even if the principal becomes incapacitated. It remains effective until revoked.
- Nondurable Power of Attorney: Unlike a durable power of attorney, this document terminates if the principal becomes incapacitated. It is often used for specific transactions.
- Living Will: A living will outlines a person’s wishes regarding medical treatment in the event they cannot communicate their preferences. It is often used in conjunction with a healthcare power of attorney.
- Healthcare Power of Attorney: This document designates someone to make medical decisions on behalf of the principal if they are unable to do so. It is crucial for managing healthcare choices.
- Trust Document: A trust document establishes a trust, allowing for the management and distribution of assets according to the principal's wishes. It may require a power of attorney for certain transactions.
- Beneficiary Designation Form: This form allows the principal to specify who will receive assets upon their death. It is essential for accounts like life insurance and retirement accounts.
- Financial Disclosure Statement: This document provides a detailed account of the principal's financial situation, which can help the agent make informed decisions on their behalf.
- Affidavit of Identity: This form verifies the identity of the principal and the agent, often required by financial institutions to prevent fraud.
- Notarization Form: Many documents, including the power of attorney, require notarization to be legally binding. This form confirms that the signatures were witnessed by a notary public.
Having these forms ready can simplify the process of managing your accounts and ensure that your wishes are honored. Always consult with a professional if you have any questions about the documents you need.
Similar forms
The Durable Power of Attorney is similar to the Wells Fargo Power of Attorney form in that it allows a person to appoint someone else to manage their financial affairs. The key distinction lies in its durability; it remains effective even if the principal becomes incapacitated. This means that the agent can continue to act on behalf of the principal during times when the principal may not be able to make decisions, ensuring that financial matters are handled without interruption.
A Health Care Power of Attorney is another document that shares similarities with the Wells Fargo Power of Attorney form. This document specifically allows an individual to appoint someone to make medical decisions on their behalf if they are unable to do so. Like the financial POA, it grants significant authority to the agent, but its focus is on health care and medical treatment rather than financial transactions.
The Springing Power of Attorney is also comparable to the Wells Fargo form, as it becomes effective only under certain conditions, such as the principal's incapacitation. This type of POA allows for more control by the principal, as the agent's authority is not activated until a specified event occurs, unlike the durable POA which is effective immediately upon signing.
A Limited Power of Attorney is another related document, allowing the principal to grant specific powers to the agent for a defined purpose or time period. This contrasts with the broader powers typically granted in the Wells Fargo Power of Attorney form, which encompasses a wide range of financial transactions. The limited POA is often used for particular tasks, such as selling a property or managing a single account.
The Financial Power of Attorney is closely aligned with the Wells Fargo form, as it specifically focuses on financial matters. This document allows an agent to handle various financial transactions, such as managing bank accounts, paying bills, or filing taxes. Both documents provide the agent with authority over financial decisions, but the Wells Fargo form is tailored to specific investment accounts.
Finally, a Revocable Living Trust may also be compared to the Wells Fargo Power of Attorney. While a trust is a legal entity that holds assets for the benefit of the beneficiary, it allows for the management of those assets during the grantor's lifetime and beyond. Like the Wells Fargo POA, a revocable living trust can help ensure that financial matters are managed according to the grantor's wishes, but it operates under different legal frameworks and may provide additional benefits, such as avoiding probate.
Dos and Don'ts
When filling out the Wells Fargo Power of Attorney form, consider the following do's and don'ts:
- Do ensure that all personal information is accurate, including names and Social Security numbers.
- Do specify whether the power of attorney is durable or nondurable based on your needs.
- Do have your signature notarized as required; this adds validity to the document.
- Do keep a copy of the completed form for your records after submission.
- Don't leave any sections of the form blank; incomplete forms may be rejected.
- Don't assume your agent will act without clear instructions; communicate your wishes explicitly.
- Don't forget to review the document carefully before signing; misunderstandings can lead to issues later.
Misconceptions
Understanding the Wells Fargo Power of Attorney (POA) form is crucial for anyone considering its use. However, several misconceptions can cloud its importance and functionality. Here are five common misunderstandings:
- Misconception 1: The Power of Attorney is only for financial transactions.
- Misconception 2: An agent can act without any limitations.
- Misconception 3: The POA is permanent and cannot be revoked.
- Misconception 4: A POA automatically covers all accounts and assets.
- Misconception 5: Only a lawyer can create a Power of Attorney.
While the POA does empower an agent to manage financial matters, it can also cover other areas, such as healthcare decisions, depending on how it is drafted. It's important to clarify the scope of authority granted to the agent.
This is not true. The agent's powers are defined by the principal, and they must act in the principal's best interest. They cannot make decisions outside the authority granted in the POA.
In fact, the principal can revoke a POA at any time, as long as they are competent. This flexibility allows individuals to change their designated agent if needed.
This is misleading. The principal must specify which accounts or assets the POA applies to. If not clearly stated, the agent may not have authority over certain funds or properties.
While consulting a lawyer is advisable, especially for complex situations, individuals can create a POA using forms provided by financial institutions like Wells Fargo. Understanding the form's requirements is key to ensuring it meets your needs.
Key takeaways
Filling out the Wells Fargo Power of Attorney form allows you to designate someone as your attorney-in-fact for your Allspring Funds account(s). This individual will have the authority to manage your financial affairs as specified in the document.
The form must be completed with accurate account information, including the names and Social Security numbers of the account owner(s) and any joint account owners or co-trustees.
It is important to note that an attorney-in-fact cannot be designated for custodial, estate, or guardianship accounts.
You have the option to establish the power of attorney for all accounts or limit it to specific fund and account numbers. Choose wisely based on your needs.
This document can be either durable or nondurable. A durable power of attorney remains in effect even if you become incapacitated, while a nondurable power terminates upon your incapacitation.
Before signing, ensure you understand that your agent will have significant authority over your financial matters, including buying, selling, and managing your investments.
Finally, this form must be notarized to be valid. Ensure that you follow all required steps, including reading the document thoroughly and seeking legal advice if needed.