Signing Requirements
The principal is required to authorize in the presence of a notary public or another person authorized to take acknowledgments.[1]
Powers Granted
The principal can give the agent power to do any legal act that the principal is able to do through an agent. This can include any or all of the following:[2]
- 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.
Powers that must be specifically granted to the agent include:[3]
- 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
- Renounce or disclaim property, including the power of appointment.
“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 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:[7]
- 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.
The principal can amend, revoke, or terminate the power of attorney at any time before their death or incapacitation.
Statutory Form
Yes, the State of Nebraska has a statutory form.[8]