Signing Requirements
The principal is required to have their signature acknowledged by a notary public or another person authorized by law to take acknowledgments.[1]
Powers Granted
A principal, either specifically or broadly, can give 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.
However, certain things including changing a trust, accessing electronic content, and making gifts must be specifically mentioned in the POA for the agent to have authority over it.[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.[4]
Revocation
A power of attorney terminates when:[5]
- The principal dies;
- The principal becomes a vulnerable adult, 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 a vulnerable adult, 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 a vulnerable adult, or resigns;
- The agent is convicted of financial exploitation of the principal; or
- The power of attorney terminates.