Signing Requirements
While no specific state laws exist, authorizing a health care power of attorney requires two witnesses or a notary public.[1] The same is recommended for this durable version.
Powers Granted
A principal may grant the 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.
The principal can grant the agent authority over specific items or grant general authority over all matters. If the POA grants general authority, unless otherwise limited, then the agent also has the authority to make gifts without limitation.[3]
“Durable” Definition
All acts done by an attorney in fact pursuant to a durable power of attorney during any period of disability or incapacity of the principal have the same effect and inure to the benefit of and bind the principal and the principal’s successor in interest as if the principal were competent and not disabled.[4]
“Power of Attorney” Definition
A durable power of attorney is a power of attorney by which a principal designates another as the principal’s attorney in fact in writing and the writing contains the words “This power of attorney shall not be affected by subsequent disability or incapacity of the principal,” or “This power of attorney shall become effective upon the disability or incapacity of the principal,” or similar words showing the intent of the principal that the authority conferred shall be exercisable, notwithstanding the principal’s subsequent disability or incapacity.[5]
Revocation
A durable power of attorney may be amended or terminated at any time by the principal before their death or incapacity. The agent must be notified for any changes to be legally binding upon the. Additionally, a power of attorney can contain language that specifies a time or set of circumstances upon which the power terminates.[6]