Signing Requirements
The principal’s signature must be acknowledged by a notary public on the power of attorney document. If the optional Agent’s Certification form is attached, the agent’s signature must be acknowledged by a notary public as well.[1][2]
Powers Granted
The principal may grant an agent the authority to manage their affairs either specifically or generally. This can include management of:[3]
- 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 of these matters, including making changes to a trust and giving gifts, must be expressly mentioned in the power of attorney for the agent to have a legal authority to manage them.[4]
“Durable” Definition
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.[5]
“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.[6]
Revocation
A power of attorney terminates when the:[7]
- Principal dies;
- Principal becomes incapacitated, if the power of attorney is not durable;
- Principal revokes the power of attorney;
- Power of attorney provides that it terminates;
- Purpose of the power of attorney is accomplished; or
- Principal revokes the agent’s authority or the agent dies, becomes incapacitated or resigns and the power of attorney does not provide otherwise.
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 Wyoming’s has a statutory durable power of attorney form.[8]