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Michigan Durable (Financial) Power of Attorney Form

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The Durable Power of Attorney in Michigan is a commonly utilized template geared for people who wish to have some assurance that their responsibilities will be fulfilled by an agent acting in his or her name. Oftentimes, this may be a time when he or she is incapacitated or will be away for an extended period of time. In such cases, a person can not execute transactions that must be done in person or make decisions in a timely manner.  This type of paperwork will bestow an agent with the same authority at your disposal and may be set to remain in place in the event of your incapacitation or to spring into action during such an event. This can be quite useful in the business world if one anticipates undergoing long-term medical treatment.

LawsM.C.L. Chapter 700

Patient Advocate Designation (Medical POA) – This allows a patient to have a trusted representative speak for them when their health declines to such a point that they’re unable to communicate effectively.

How to Write

1 – The Form To Appoint Durable Authority To An Agent Should Be Opened Here

Locate the three file type buttons by the preview image on this page. Obtain the one you wish to work with by selecting either PDF, ODT, or Word.

2 – The Delegation Of Authority And It’s Determined Durability Must Be Recorded

Enter the Full Name of the Principal who is delegating Authority on the blank first blank line of this document. Now, in the “Appointment Of Agent” statement, locate the blank space labeled “Insert Name of Agent” and “Spouse, Child, Friend,” record the Full Name of the Agent being designated with Principal Authority then his or her Relation to the Grantor or Principal named above. This should be followed by the Legal Residential Address of the Agent. Present this Address on the line following the words “…living at.”

If the Principal has decided to have a Successor Agent to assume Principal Power if the Primary Agent is unavailable, unwilling, or unable to carry out the Principal Authority named in this form then, we must report the Successor Agent’s Name, Relationship to the Principal, and Residential Address on the next three blank lines. The “Effective Date” paragraphs shall allow the Principal to define the Durability of this Authority Designation by initialing one of the blank spaces in this area. If the Principal Powers delivered here shall be unaffected by any Physical or Mental Disability the Principal may develop in the future, then he or she should initial the first blank space. If these Powers should terminate upon such a written diagnosis by the attending Physician, the Principal should initial the second blank space.

3 – Principal Review Of The Granted Authority Is Required Before Execution

The Principal should review the numbered list presented in the “Powers” section. A list of ten subjects, each defining a general Principal Power, will constitute the default Principal Powers delivered to the Agent designated above. The Principal should review each one if any do not apply then he or she should strike through the wording constituting that Power’s Description with a horizontal line(s) or delete the statement altogether. Any statement that is left present and unaltered at the time of the Principal’s execution of this form shall be considered applicable to the Principal Authority empowering the Agent.

The first item shall grant Principal Powers in Banking      

The Principal’s Authority regarding Government Benefits will be designated to the Agent through the second item. Principal Powers over “Investments” will be included in this appointment of Power through the third item.

The Principal’s “Retirement Plan” Powers will be designated to the Agent through the fourth item. If the Principal wishes to empower the Agent to use Principal Authority regarding “Taxes,” this will be achieved through the wording in the fifth item. The sixth item of this list will grant the Agent Principal Powers regarding the Principal’s “Insurance” Matters as per the sixth item. The seventh item shall address the subject of the Principal’s “Real Estate” and will empower the Agent with Principal Powers in this matter. The Principal Authority over his or her “Personal Property” shall be appointed to the Agent as well through the language provided in the eighth item. The Agent may utilize the Principal Authority described in the ninth item for the purpose of “Legal Advice And Proceedings” on behalf of the Principal. The Principal Powers required to make decisions and take actions in the Principal’s “Estate Plan” will be granted to the Agent through the tenth item.

4 – Special Instructions And Additional Provisions May Be Specified By The Principal

Next, the Principal may deliver additional instructions, conditions, and/or descriptions to the Powers granted to the Agent here. this may be done by simply entering them on the blank line in the “Special Instructions” section. If the Principal does have such statements to make, then it should be complete. Thus, if there is not enough room, you may add more lines with an editing program or you may attach a document to the printed form. The next heading “Other Provisions” will cover some additional Effects of this form. While the Principal retains the right to strike nearly any statement of Power from this form before signing it, these additional Provisions should only be removed after consulting an Attorney or similarly appropriate professional.

The first statement will waive an entity’s liability if acting under the Agent’s Power described in this form.  Unless the Agent will violate his or her Fiduciary Duty, the second statement shall release them from incurring any liability provided they act within the Power Descriptions in this form. The third statement delivers the right to reasonable reimbursement to the Agent (when appropriate). Finally, the last statement shall retain the Principal’s Right to revoke or change the Powers defined in this form at any time the Principal chooses for whatever reasons the Principal has. 

 

5 – The Notarized Signature Of The Principal Will Execute This Form’s Effect

The “Signature of Principal” area of this document will need to be tended to by the Principal issuing this appointment. He or she must enter the Date he or she signs this paperwork on the blank line labeled “Dated.” Then, he or she must sign the blank line labeled “Signed.” Below this, the Principal should record his or her Residential Address. Two Witnesses will be needed to verify the Principal signing. Directly below the Principal’s Signature area will be the heading “Statement And Signature Of The Witnesses.” Each Witness must read the statement. If each Witness is willing to publicly acknowledge the validity of the Witness Statement, then each one must Print and Sign his or her Name then report the Residential Address where he or she lives. There will be enough room for two Witnesses to supply these items. 

The “Signature Of Notary” area has been provided so the Notary Public will have a structured area to notarize this form


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