Signing Requirements
The principal will be required to sign in the presence of a notary public.
If the agent signs the optional Agent Certification, it must be acknowledged before a notary public.[1][2]
Powers Granted
A principal may grant the agent authority to do any lawful act that the princpal is able to do. The power of attorney can grant the agent broad authority, or it can identify specific powers in areas like:[3]
- 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.
“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 durable power of attorney terminates when:[6]
- The principal dies;
- A court appoints someone other than the agent to manage some or all of the principal’s property, unless the court specifically provides that the power of attorney shall remain in effect;
- 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.
An agent’s authority terminates when:
- he principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- The principal and agent are divorced; or
- The power of attorney terminates.