Signing Requirements
The principal is required to sign in the presence of a notary public or with 2 witnesses.[1]
Powers Granted
Powers granted in a power of attorney are determined by the principal and may include items related to:[2]
- Real property;
- Tangible personal property;
- Bonds, shares, and commodities;
- 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.
“Power of Attorney” Definition
“Power of attorney” means a writing or other record that grants authority to an attorney in fact or agent to act in place of a principal, whether the term “power of attorney” is used. The term refers to all types of powers of attorney, including durable powers of attorney, except for the following:
(1) A power to the extent it is coupled with an interest in the subject of the power, including a power given to or for the benefit of credit in connection with a credit transaction.
(2) A proxy or other delegation to exercise voting rights or management rights with respect to an entity.
(3) A power created on a form prescribed by a government or governmental subdivision, agency, or instrumentality for a governmental purpose.[3]