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Maine Durable (Financial) Power of Attorney Form

A Maine durable power of attorney is a document that allows a person ("principal") to grant authority to someone else ("agent") and act on their behalf for various financial purposes. The term "durable" refers to the document's ability to remain legal and, in effect, if the principal should become incapacitated.
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Signing Requirements

The principal is required to sign with a notary public present or a person authorized to take acknowledgments. The agent is required to sign the Agent’s Certification in front of a notary public if and when utilized — though the use of this form is optional.[1][2]

Powers Granted

A principal may grant an agent the power to do any legal act that the principal may do. Powers of attorney generally address decision making powers in the following areas:[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;
  • 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 the principal revokes the authority;
  • When the agent dies, becomes incapacitated or resigns;
  • When the agent and principal are divorced; or
  • When the power of attorney terminates.

Additionally, the agent may resign by giving notice to the principal or, if the principal is incapacitated, giving notice to the person caring for the principal.[7]

Statutory Form

The State of Maine does not offer a statutory form.

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