Signing Requirements
The principal must sign in the presence of a notary public.[1]
Powers Granted
A principal may grant an agent the authority, either specifically or broadly, 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.
Some authorities including the power to change a trust or make gifts requires the principal to specifically mention the authority 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 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, and the power of attorney does not provide for another agent to act under the power of attorney.
An agent’s authority terminates when:
- the principal revokes the authority;
- the agent dies, becomes incapacitated, or resigns;
- an action is filed for the dissolution or annulment of the agent’s marriage to the principal or their legal separation, unless the power of attorney otherwise provides; or
- the power of attorney terminates.
Statutory Form
Yes, the State of Utah has a statutory form.[7]