Signing Requirements
The principal is required to authorize in the presence of a notary public. If the agent includes the optional Agent Certification then their signature must be acknowledged as well.[1][2]
Powers Granted
A principal can grant specific or general power to do any legal act that the principal is able to do through an agent. This may include 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.
However, without a specific grant of authority, an agent may not:[4]
- create, amend, revoke, or terminate an inter vivos trust;
- make a gift;
- create or change rights of survivorship;
- create or change a beneficiary designation;
- delegate authority granted under the power of attorney;
- waive the principal’s right to be a beneficiary of a joint and survivor annuity, including a survivor benefit under a retirement plan;
- exercise fiduciary powers that the principal has authority to delegate; or
- disclaim property, including a power of appointment.
“Durable” Definition
“Durable”, with respect to a power of attorney, means not terminated by the principal’s incapacity.[5]
“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.[6]
Revocation
A power of attorney shall terminate when:[7]
- 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:[8]
- the principal revokes the authority;
- the agent dies, becomes incapacitated, or resigns;
- the principal and agent divorce or legally separate; or
- the power of attorney terminates.
Statutory Form
Yes, the State of Montana has a statutory form.[9]