Wells Fargo Power of Attorney Template

Wells Fargo Power of Attorney Template

The Wells Fargo Power of Attorney (POA) form is a crucial document used to legally appoint an individual as the attorney-in-fact, or agent, for the account holder’s Allspring Funds accounts. This document outlines the specific powers granted to the agent, including, but not limited to, managing, selling, and conveying personal property on behalf of the principal. However, it is important to note that this authority cannot be designated for custodial, estate, or guardianship accounts. To ensure your financial matters are handled according to your wishes, fill out the Wells Fargo POA form by clicking the button below.

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The Wells Fargo Power of Attorney (POA) form is an essential legal document designed to designate an individual as attorney-in-fact, providing them with the ability to manage Allspring Funds account(s) on behalf of the account owner. This comprehensive form outlines clear instructions on its execution, starting with detailed account information, specifying whether the POA is durable or nondurable, and the extent of the attorney-in-fact's powers, including but not limited to the management and transfer of mutual fund shares, changing dividend and distribution options, and dealing with retirement accounts. It expressly states the exclusion of custodial, estate, or guardianship accounts from this designation. The meticulous design of the form ensures that the designated attorney-in-fact can act in the account owner's best interests, facilitating a range of financial transactions with the same authority as the account owner would. Furthermore, it includes vital information and affidavits for both the account owner(s) and the attorney-in-fact, underscoring the importance of understanding the legal implications and responsibilities involved. The document also highlights compliance with relevant laws, including the USA PATRIOT Act requirements for identity verification, and contains provisions for the protection of all parties involved through indemnification clauses, reinforcing the gravity and significance of the POA designation. Executed with a notarized signature, this POA form replaces any previous designations for Allspring Funds account(s), ensuring up-to-date management permissions in alignment with the account owner's current wishes.

Wells Fargo Power of Attorney Example

Adding a Power of Attorney (POA) to a

Home Equity or Mortgage Account

Apotential attorney-in-fact ("Agent") must complete and submit the following required documentation:

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

 

 

 

 

Principal Name

 

 

 

 

 

Principal Street Address

 

 

 

 

 

City

State

ZIP Code

 

 

 

Principal Phone Number

Principal Alternate Phone Number

 

 

 

(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

 

State

ZIP Code

 

 

 

 

Agent Phone Number

Agent Date of Birth (mm/dd/yyyy)

Agent Social Security Number

 

 

 

 

Are you a U.S. citizen?

 

Are you a permanent resident

alien?

Yes

 

Yes

 

No

 

No

 

 

 

 

Relationship to Principal

 

How long have you known the Principal?

 

 

 

 

Agent Occupation:

Executive/Professional

Office

Student

Other

Homemaker

Production

Teacher

 

Labor

Retired

Trade

 

Military/Diplomat/Government Official Manager

Sales

Unemployed w/ income

 

Owner

Service

Unemployed w/o income

 

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)

 

____________________________________________________________

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: 1-866-834-7850

Home Mortgage

Fax: 1-866-590-8910

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 Attorney-in-Fact/Agent/under a power of attorney from ______________________________________

(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

 

Document Specifications

Fact Number Fact
1 The form is used to designate an individual as attorney-in-fact for Allspring Funds accounts.
2 An attorney-in-fact cannot be designated on custodial, estate, or guardianship accounts.
3 For trust accounts, a copy of the title page and relevant trust document section must be enclosed.
4 The power of attorney designation can be either durable or nondurable.
5 The attorney-in-fact can manage, sell, and convey the principal's personal property among other powers.
6 The form requires notarization of the account owner(s) and attorney-in-fact's signatures.
7 This power of attorney is governed by applicable California law.
8 The account owner agrees to indemnify Allspring Funds Management and associated third parties from claims arising from reliance on this POA.
9 Important notice about identity verification is included in compliance with the USA PATRIOT Act of 2001.
10 All financial institutions are required to obtain, verify, and record information identifying each person who has authority to act on an account.

Documents used along the form

When designating an individual as attorney-in-fact for financial matters using the Wells Fargo Power of Attorney (POA) form, individuals often find it necessary to complete or gather additional documentation to ensure a comprehensive approach to their financial planning and legal preparedness. These documents may serve different purposes, such as specifying wishes for medical care or ensuring personal assets are managed according to individual preferences in various circumstances. Understanding each document and its purpose can empower individuals to make informed decisions aligned with their goals.

  • Living Will: This document outlines an individual’s preferences regarding medical treatments and life-sustaining measures if they become incapable of communicating their wants due to a severe health condition.
  • Last Will and Testament: It specifies how a person wants their property and assets to be distributed among beneficiaries after their death. It also can appoint guardians for minor children.
  • Trust Agreement: Often used in estate planning, this document creates a fiduciary relationship allowing a trustee to hold assets on behalf of beneficiaries, potentially avoiding probate.
  • Medical Power of Attorney (Healthcare Proxy): This allows an individual to appoint someone to make healthcare decisions on their behalf if they are unable to do so.
  • Durable Financial Power of Attorney: Similar to the Wells Fargo POA but more comprehensive, it grants an agent authority to handle a wide range of financial affairs.
  • Living Trust: This document helps manage and protect assets while the grantor is alive and outlines how those assets should be distributed upon their death.
  • Advance Healthcare Directive: Combines a living will and medical power of attorney, detailing medical care preferences and naming an individual to make healthcare decisions.
  • Beneficiary Designations: Often used with retirement accounts and insurance policies, it directly names who will inherit these assets, bypassing the will.
  • Letter of Intent: Although not legally binding, it provides an informal explanation of the individual’s intentions for their estate or other personal matters.
  • Revocation of Power of Attorney: This form legally cancels a previously granted power of attorney, allowing the individual to revoke the powers given to their attorney-in-fact.

Each of these documents plays a crucial role in an individual’s comprehensive legal and financial strategy, working in conjunction with the Wells Fargo Power of Attorney form to provide clarity and security for both the individual and their loved ones. Properly preparing these documents can ensure that an individual’s healthcare and financial affairs are handled according to their specific wishes, providing peace of mind in uncertain times.

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