The Wells Fargo Power of Attorney (POA) form is a crucial document allowing customers to designate an individual, known as the attorney-in-fact, to manage their Allspring Funds accounts in their stead. This form cannot be used for custodial, estate, or guardianship accounts and is designed to cater to both durable and nondurable POA arrangements, highlighting the seriousness and importance of such a designation. For individuals looking to ensure their financial affairs are handled according to their wishes, filling out the Wells Fargo POA form is a step in the right direction.
Navigating financial affairs can often require assigning authority to another, a task thoughtfully approached through the utilization of a Power of Attorney (POA) form, such as the one provided by Wells Fargo for Allspring Funds accounts. This specialized form, not applicable to custodial, estate, or guardianship accounts, is designed to grant individuals the power to designate an attorney-in-fact who can manage their financial transactions with the same efficacy and authority as the account owner(s) themselves. The form intricately specifies the types of accounts that can be managed, along with a detailed description of the powers bestowed upon the attorney-in-fact, including but not limited to buying and selling mutual fund shares, changing distribution options, and even initiating beneficiary changes. It differentiates between durable and nondurable POAs, catering to the needs of those seeking either a lasting or a temporary assignment of financial management tasks. Moreover, the Wells Fargo POA form incorporates safeguards and instructions, ensuring that both the grantor and the grantee are acutely aware of the responsibilities and legalities involved. Accompanied by a requirement for notarization, the form underscores the importance of legitimacy and verification, providing a comprehensive blueprint for those seeking to secure their financial affairs through the delegation of authority.
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)
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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
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
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
_________________________________________________________________________________________
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)
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
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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.
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Filling out a Wells Fargo Power of Attorney (POA) form is a significant step toward managing your Allspring Funds account(s) with the assistance of an attorney-in-fact. This process requires careful consideration and attention to detail to ensure the form reflects your intentions accurately. Below are the steps needed to complete the Wells Fargo Power of Attorney form, ensuring your financial management remains in trusted hands, even in your absence.
After completing these steps, ensure all information is correct and that all necessary signatures and notarizations are in place. Submitting the form as directed by Wells Fargo will establish the Power of Attorney, allowing your designated attorney-in-fact to manage your specified Allspring Funds account(s) according to your wishes.
What is a Power of Attorney (POA) form?
A Power of Attorney form is a legal document that lets you appoint a person, known as an attorney-in-fact, to manage your financial affairs. This could involve handling your investments, making decisions about buying or selling property, and performing other financial tasks on your behalf.
Can I appoint an attorney-in-fact for any Wells Fargo account with this form?
No. This form cannot be used to appoint an attorney-in-fact for custodial, estate, or guardianship accounts. It is specific to Allspring Funds accounts, which could include both retirement and nonretirement accounts.
What types of Power of Attorney can I establish with this Wells Fargo form?
You can establish either a durable or nondurable Power of Attorney. A durable Power of Attorney stays in effect if you become incapacitated, while a nondurable Power of Attorney will end if you become incapacitated.
Who can I appoint as my attorney-in-fact?
You can appoint anyone you trust as your attorney-in-fact. This individual will manage your Allspring Funds accounts according to the powers you have granted in the Power of Attorney form.
What responsibilities will my attorney-in-fact have?
Your attorney-in-fact will be responsible for managing your designated Allspring Funds accounts. This includes buying or selling mutual fund shares, changing dividend options, directing and receiving disbursements, and performing any legal act concerning your accounts as specified in the POA form.
Does the attorney-in-fact receive any compensation for their services?
The default arrangement does not include compensation for the attorney-in-fact. However, you can specify otherwise in the Power of Attorney document if you wish to provide compensation for their services.
How can I terminate the Power of Attorney?
You have the right to revoke or terminate the Power of Attorney at any time. For a durable Power of Attorney, you can do this as long as you are competent. If the Power of Attorney is nondurable, it will automatically terminate if you become incapacitated.
What happens if I want to make changes to the Power of Attorney?
To make changes to an existing Power of Attorney, you must execute a new Power of Attorney or an amendment through the same formalities as the original document. This ensures that any modifications are legally binding.
Is notarization required for the Power of Attorney to be effective?
Yes, the signature of the account owner (or trustee) and the signature of the attorney-in-fact must be notarized for the Power of Attorney to be considered valid and effective.
What legal duties does the attorney-in-fact assume?
By agreeing to act as an attorney-in-fact, the individual assumes fiduciary responsibilities, which include acting solely in the interest of the principal (the person who appointed them) and avoiding conflicts of interest. They must also keep the principal’s property separate from their own and follow any specific authorizations outlined in the Power of Attorney document.
Filling out a Power of Attorney (POA) form, such as the one for Wells Fargo, can sometimes feel like walking through a legal maze. It's crucial to tread carefully to ensure that your intentions are clearly communicated and legally valid. There are common pitfalls that many people encounter when completing this document. Awareness and avoidance of these mistakes can save a lot of time and prevent potential complications.
One major mistake occurs when individuals do not provide the full and accurate information of the attorney-in-fact, also known as the agent. This section requires careful attention because any discrepancy in the agent's name, address, or Social Security number could significantly delay or invalidate the POA. It's not just about filling out the forms; it's about ensuring that the information provided aligns exactly with the agent's legal documents and identity verification details.
Another frequent error is not specifying the type of POA – whether it is durable or nondurable. This decision has significant implications, especially regarding the principal's incapacitation. A durable POA continues to be in effect if the principal becomes incapacitated, ensuring that the agent can still act on their behalf. A nondurable POA, conversely, terminates if the principal is no longer mentally competent. Skipping or glossing over this decision can lead to a POA that doesn't reflect the principal's true intentions and needs.
Additionally, many people forget to include a clear definition of the powers granted to the attorney-in-fact. While the Wells Fargo form provides a broad range of actions the agent can perform, it’s important to remember that one size does not fit all. Principals have the option to tailor these powers to their needs. Without specifying the extent of the agent’s authority, there might be misunderstandings or disputes about what the agent is legally permitted to do.
Lastly, the failure to properly notarize the document renders it ineffective. This step is crucial as it verifies the identity of the signatories and attests to the voluntary nature of the document. It is a common oversight to fill out the form thoroughly but then neglect the formal notarization process, leading to a POA that cannot be executed when needed. Ensuring that both the principal's and the agent's signatures are duly notarized conforms to legal requirements and validates the document.
Understanding these commonly made mistakes and carefully avoiding them can ensure that the Power of Attorney form clearly and accurately reflects your intentions, thereby granting your agent the authority to act on your behalf as intended.
When setting up a Power of Attorney (POA) with Wells Fargo, it's often part of a broader strategy to manage one's financial and legal affairs efficiently and responsibly. Alongside the Wells Fargo Power of Attorney form, there are several other forms and documents that typically play a crucial role in ensuring one's affairs are in order. These documents contribute to a comprehensive plan that can help in various situations, from planning for the future to addressing immediate financial needs.
The documents listed above are key components that often accompany a Wells Fargo Power of Attorney form, contributing to a well-rounded financial and legal preparedness strategy. Each plays a unique role in one's overall planning, ensuring that individuals are prepared for a variety of future scenarios. When considering a POA, it's wise to consult with a legal professional who can guide you through integrating these documents into your estate planning to achieve the best possible outcome for you and your loved ones.
The General Durable Power of Attorney (POA) shares similarities with the Wells Fargo Power of Attorney (POA) form, as both designate an individual to act on the principal's behalf, encompassing a broad range of financial and legal decisions. Both types are "durable," meaning they remain effective if the principal becomes incapacitated. This durability ensures that the appointed individual, or attorney-in-fact, can manage the principal's finances, including investments and banking transactions, under the scope defined by the agreement, providing a continuity of financial oversight.
A Financial Power of Attorney is closely related to the Wells Fargo POA, specifically in granting an attorney-in-fact the authorization to handle banking and financial transactions. This similarity extends to the ability to manage accounts, conduct transactions, and make investment decisions. However, the Wells Fargo POA is uniquely tailored for transactions involving Allspring Funds accounts, whereas a general Financial POA can cover a broader range of financial institutions and account types.
The Health Care Power of Attorney differs in focus from the Wells Fargo POA, concentrating on health-related decisions rather than financial ones. While the Wells Fargo POA authorizes an individual to manage financial accounts and transactions, the Health Care POA appoints someone to make medical decisions on the principal’s behalf if they are incapacitated. This highlights how power of attorney forms can vary greatly in purpose, despite the shared principle of appointing a trusted individual to act on one’s behalf.
The Limited Power of Attorney form is tailored for specific transactions or time periods, contrasting with the broad and enduring authorization granted in the Wells Fargo POA for managing Allspring Funds accounts. While the Wells Fargo POA might encompass a wide range of financial decisions without a set expiration date, a Limited POA is often used for a single transaction or for a specified duration, limiting the agent's power to a particular task or timeframe.
The Real Estate Power of Attorney provides an attorney-in-fact with the authority to handle real estate transactions on the principal's behalf, differing from the Wells Fargo POA, which is focused on financial account management. This specialization includes buying, selling, or managing property, illustrating how POA forms can be purposed for diverse areas of a principal’s life, each tailored to specific needs and sectors.
The Springing Power of Attorney, similar to the durable aspect of the Wells Fargo POA, activates under certain conditions, such as the principal's incapacitation. While both can provide for financial decision-making if the principal cannot oversee their affairs, the Springing POA remains inactive until specific triggering events occur, distinguishing it from the always-active Wells Fargo POA tailored for ongoing account management.
The Vehicle Power of Attorney grants an attorney-in-fact the authority to make decisions regarding the ownership and operation of a motor vehicle, diverging from the financial management focus of the Wells Fargo POA. This type of POA exemplifies the broad applicability of power of attorney documents, catering to specific asset types and transactions, such as buying, selling, or registering vehicles.
The IRA Power of Attorney is specifically designed for managing Individual Retirement Accounts (IRAs), allowing an attorney-in-fact to make investment decisions within these accounts. While the Wells Fargo POA includes provisions for retirement accounts, the IRA POA is focused solely on this aspect, unlike the broader financial management scope of the Wells Fargo form. This specificity highlights the need for tailored POA forms depending on the assets and decisions involved.
When filling out the Wells Fargo Power of Attorney form, it's crucial to navigate the process with precision and care. Here’s a helpful guide to ensure you do it correctly:
Things to Do:
Review the entire form before beginning to fill it out. Understanding all sections in advance can help ensure that you complete it accurately.
Ensure that all account information is correctly filled in, including the name of the account owner or trustee, social security numbers, and trust dates, if applicable.
Choose the correct type of power of attorney (POA) — durable or nondurable — based on the principal's needs. The choice dictates how the POA operates in cases of the principal's incapacitation.
Include a copy of the title page and relevant sections of the trust document if establishing a POA for a trust account, as specified in the requirements.
Make sure the signatures of the account owner(s) or trustee(s) and the notarization are completed, as this legalization is a critical step in validating the form.
Things Not to Do:
Do not leave any fields blank, especially those that specify the designation of the attorney-in-fact and the account details. Incomplete forms may result in processing delays or outright rejection.
Avoid appointing an attorney-in-fact for custodial, estate, or guardianship accounts as this is not permitted.
Do not ignore the specific powers you are granting to your attorney-in-fact. Ensure they align with your financial management wishes and needs.
Refrain from failing to review the legal implications and responsibilities outlined under the "Notice to Person Executing Power of Attorney" and "Notice to Person Accepting the Appointment as Attorney-in-Fact." These sections provide vital information about legal duties and rights.
Do not forget to notify the attorney-in-fact about the POA designation and discuss the expectations, limitations, and duties this role entails. Clear communication can prevent future misunderstandings.
When it comes to the Wells Fargo Power of Attorney (POA) form, there are several misconceptions that need clearing up. Understanding these can help ensure that you, as the account owner, make informed decisions about granting someone else the authority to handle your Allspring Funds account(s). Let's explore some of these misconceptions:
Only one type of POA is available. Actually, the Wells Fargo POA form allows you to choose between a durable and a nondurable POA. A durable POA remains in effect if you become incapacitated, whereas a nondurable POA terminates upon your incapacitation.
POA grants authority over all financial decisions. The Wells Fargo POA specifically relates to Allspring Funds account(s) and the transactions therein. While it does grant broad powers over those accounts, it doesn't extend to all financial actions or assets outside of those accounts.
The agent can act on custodial, estate, or guardianship accounts. The form explicitly states that an agent cannot be designated for custodial, estate, or guardianship accounts, focusing instead on individual or jointly-owned Allspring Funds accounts.
Setting up a POA with Wells Fargo is overly complex. While establishing a POA is a significant legal step, the Wells Fargo form is designed to be straightforward, provided you have all the required information and documents ready, such as the title page and relevant section of the trust document, if applicable.
The agent has unlimited control once the POA is executed. The powers of the agent are clearly outlined in the document, including managing, selling, and conveying personal property within the accounts and making investment decisions. However, these powers are confined to the scope of authority you grant within the form and can be restricted by specifying certain limitations.
POA cannot be amended or revoked. You have the right to amend or terminate the POA at any time, ensuring that you retain control over your decision to grant power to an agent. For durable POAs, this right exists as long as you are competent.
The agent's authority begins immediately upon signing the POA. The authority of the agent typically begins only after the POA form has been properly executed, which includes being notarized, and, in some cases, may require additional steps such as registration with financial institutions or real estate offices, depending on the powers granted.
Any third party can rely on the POA without further verification. While it's true that third parties can act on a POA without further inquiry, the Wells Fargo POA form clarifies that the agent’s authority is verified under the USA PATRIOT Act requirements. This ensures that the agent's identity and authority are confirmed before they can act on your behalf.
The POA form covers actions in any jurisdiction. The form states that this POA is governed by applicable California law, meaning it's designed to comply with the laws of California. If you need a POA to be recognized in another jurisdiction, additional steps may be necessary to ensure it meets local legal requirements.
Understanding the specifics of the Wells Fargo POA form can alleviate concerns and help ensure that the power of attorney arrangement meets your needs and complies with legal standards. Remember, when dealing with legal documents like a POA, it might be beneficial to seek advice from a legal professional to ensure that your rights are protected and your intentions are clearly articulated.
When filling out the Wells Fargo Power of Attorney (POA) form, it's vital to decide whether the power of attorney will be durable or nondurable. A durable power of attorney remains effective even if the principal becomes incapacitated, while a nondurable power of attorney ceases to be effective upon the incapacitation of the principal.
The POA form cannot be used for custodial, estate, or guardianship accounts. It's strictly meant for designating an individual as attorney-in-fact for Allspring Funds accounts, highlighting the importance of understanding the types of accounts that the document applies to.
Proper documentation is crucial when designating a power of attorney for trust accounts. Copies of the title page and relevant sections of the trust document authorizing the appointment of an agent must be enclosed with the POA form, underscoring the need for thorough documentation.
The attorney-in-fact (agent) has broad powers to manage the account(s), including buying, selling, exchanging mutual fund shares, changing dividend and distribution options, and initiating beneficiary changes, among other actions. This breadth of authority makes it imperative for the principal to choose someone they trust implicitly.
Before the POA is considered valid, it must be dated and acknowledged before a notary public. This requirement ensures the document's legitimacy and the principal’s consent, providing a safeguard against potential fraud or misuse of the power of attorney.
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