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Michigan Durable (Financial) Power of Attorney Form

A Michigan durable power of attorney is a form that allows a person ("principal") to select someone else ("agent") to handle some or all facets of their finances. For a power of attorney to be "durable," it must specify that the agent retains their authority after the principal has become incapacitated.
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Signing Requirements

Two witnesses or a notary public. [1][2]

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]

Sample

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