Powers Granted
Broadly speaking, a principal may grant an agent the power to do any lawful act that the principal may do with regard to their possessions. Typically, a power of attorney grants the agent power to make decisions about things 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” means a power of attorney not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
The Michigan Compiled Laws define “power of attorney” as a written record that grants authority to an agent to act in 1 or more matters on behalf of the principal, whether or not the term power of attorney is used.[4]
Revocation
A power of attorney terminates if any of the following occur:[5]
- The principal dies;
- The principal revokes the power of attorney;
- An event occurs that, according to the terms of the power of attorney, terminates the power;
- The specified purpose of the power is accomplished; or
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns.
An agent’s authority terminates if any of the following occur:[6]
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- The agent and principal are divorced; or
- The power of attorney terminates.
Statutory Form
Yes, the State of Michigan has a statutory form.[7]