Signing Requirements
A power of attorney must be signed by the principal, or in the principal’s conscious presence by another authorized individual, before a notary public.[1]
Powers Granted
The principal may, specifically or generally, give an agent the power to do any legal thing that the principal may do through an agent. This includes matters such as:[2]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
Some of the powers listed above, including making changes to or creating a trust and giving gifts, must be specifically mentioned in order for the agent to have the legal authority to manage them on behalf of the principal.[3]
“Durable” Definition
‘Durable,’ with respect to a power of attorney, means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
‘Power of attorney’ means a writing or other record that grants authority to an agent to act in the place of the principal, whether or not the term “power of attorney” is used.[5]
Revocation
A power of attorney terminates when:[6]
- The principal dies;
- The principal becomes incapacitated, if the power of attorney is not durable;
- The principal revokes the power of attorney;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished; or
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns, and the power of attorney does not provide for another agent to act under the power of attorney.
An agent’s authority terminates when:
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- An action is filed for the dissolution or annulment of the agent’s marriage to the principal or their legal separation, unless otherwise provided for; or
- The power of attorney terminates.