Also, your agent must sign an acknowledgement of responsibilities and duties before exercising authority. You must sign your durable power of attorney in front of a notary or two witnesses. If you are incapacitated, it means you have a mental or physical condition that prevents you from taking care of your own financial affairs. You must sign the durable power of attorney before you become unable to do so (incapacitated) or it will not be valid. How do I Make Sure My Durable Power of Attorney is Valid? Or, you can limit your agent's authority to do only certain things, such as sell your home. You can give your agent authority to do anything you could do. do all the things you do to manage your everyday affairs.
Durable power of attorney for finances in mi professional#
contract for medical or other professional services.
This is done by adding a clause to the document that makes it clear that you intend for this power of attorney to remain effective after your subsequent disability, incapacity, or by the lapse of time. If you want your agent to have authority when you are unable to make your own financial decisions, your power of attorney document must be durable.
Your agent can take care of your financial affairs as long as you are competent.Ī " durable" power of attorney is a power of attorney that remains in effect when you are unable to make your own financial decisions (no longer competent). Provided by the Probate & Estate Planning Section of the State Bar of MichiganĪ power of attorney is a document that allows you to give someone the authority to manage your financial affairs.
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