Signing Requirements
The principal must have their signature acknowledged before a notary public.[1]
Powers Granted
A principal may grant their agent authority to make decisions about 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 authority, like changing a trust or making gifts, must be specifically granted by the principal.[3]
“Durable” Definition
“Durable,” means not terminated by the principal’s incapacity.[4]
“Power of Attorney” Definition
“Power of attorney,” 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 power of attorney provides that it terminates;
- The purpose of a limited or special power of attorney is accomplished;
- The principal revokes the agent’s authority or the agent dies, becomes incapacitated, or resigns; or
- A court appoints a fiduciary.
An agent’s authority terminates when:
- The principal revokes the authority;
- The agent dies, becomes incapacitated, or resigns;
- The principal and agent divorce or legally separate, unless the power of attorney otherwise provides; or
- The power of attorney terminates.
Statutory Form
Yes, the State of South Dakota has a statutory form.[7]