Signing Requirements
The principal must sign in the presence of two witnesses and acknowledge before a notary public.[1]
Powers Granted
A principal may grant an agent the power to make decisions about anything the principal may legally do through an agent. This includes things like:[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.
Certain authorities, like the power to amend trusts and make gifts, are only valid if the principal expressly mentions them in the power of attorney.[3]
“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 becomes incapacitated, if the power of attorney is not durable;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies;
- The power of attorney provides that it terminates; or
- The purpose of the power of attorney is accomplished.
An agent’s authority terminates when the:
- principal revokes the authority;
- agent dies, becomes incapacitated, or resigns;
- agent’s authority is revoked;
- power of attorney terminates.