Further, the durable power of attorney must be either signed in the presence of two witnesses, neither of whom is the attorney-in-fact, and both of whom also sign the durable power of attorney, or acknowledged by the principal before a notary public. In Michigan, state law requires a durable power of attorney to be dated and signed voluntarily by the principal or signed by a notary public on the principal’s behalf. Requirements Of A Michigan Power Of Attorney Under a limited power of attorney, your agent is limited to those specific acts or transactions which you designate. A general financial power of attorney allows your agent to do almost anything on your behalf that you could legally do yourself. General Vs Limited Power Of AttorneyĪ power of attorney may be general or limited. In an estate planning context, nearly all financial powers of attorney are durable. This is done by adding language to the document which extends the authority of your appointed agent beyond your incapacity. Allowing your family to assist you with your finances. Perhaps worse, they may be forced to pursue a guardianship or conservatorship in probate court.Ī non-durable financial power of attorney would terminate upon your incapacity-the time when you likely need it the most! Making a power of attorney “durable” simply means the document will remain in full force even though you are incapacitated. Without a power of attorney in place, your family may be unable to assist you with these important tasks. Life is unpredictable and you do not know if you will ever be put into a position where you will not be able to make these decisions. Your power of attorney plays a vital role in your estate plan. They are sometimes referred to as a “POA” or a “DPOA.” Generally, a financial power of attorney will allow a loved to help you: What Is A Financial Power Of AttorneyĪ durable financial power of attorney is a legal document where an adult designates someone as their agent to make financial decisions on their behalf. To be an effective estate planning tool, however, your durable financial power of attorney must be signed while you are well. Creating a durable power of attorney for finances allows you to designate someone now who can help you with your finances should you become unable to do so in the future.Ī power of attorney is one of many ways to create a strong legal foundation to protect yourself and your family. Sudden illness, injury, an accident, and advanced age can all lead to incapacity. Incapacity can arise from a number of different causes. That is, your inability to handle your own affairs such as running a business or managing your household finances. A financial power of attorney, or more specifically, a durable financial power of attorney, is a document that you put in place now in the event of your incapacity. It is never too early to prepare for the future. Michigan Durable Financial Power Of Attorney
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