Structure
In Michigan, the Durable Power of Attorney form serves as a vital tool for individuals seeking to ensure their financial and medical affairs are managed according to their wishes, especially in the event they become unable to make decisions for themselves. This legal document allows you to appoint a trusted person, known as your agent, to handle a variety of matters on your behalf, ranging from managing bank accounts and paying bills to making healthcare decisions. One of the key features of the Durable Power of Attorney is its resilience; unlike a standard power of attorney, it remains effective even if you become incapacitated. This means that your chosen agent can step in and act on your behalf without interruption, providing peace of mind during challenging times. Additionally, the form can be tailored to fit your specific needs, allowing you to grant broad or limited powers depending on your preferences. Understanding how to properly execute this document and the implications it carries is essential for anyone looking to safeguard their future and ensure that their wishes are respected, making it an important consideration for individuals at any stage of life.
Form Example
Michigan Durable Power of Attorney
This Durable Power of Attorney is created in accordance with the Michigan Durable Power of Attorney Act and grants broad powers to the person selected to act on the Principal's behalf. Those powers include, but are not limited to, handling financial and business transactions, real estate matters, and personal and family maintenance.
Principal Information:
- Full Name: ___________________________________________
- Address: _____________________________________________
- City, State, Zip: _____________________________________
- Phone Number: ________________________________________
Agent Information:
- Full Name: ___________________________________________
- Address: _____________________________________________
- City, State, Zip: _____________________________________
- Phone Number: ________________________________________
Alternate Agent Information (if any):
- Full Name: ___________________________________________
- Address: _____________________________________________
- City, State, Zip: _____________________________________
- Phone Number: ________________________________________
I, the Principal named above, appoint the Agent named above to act in my place in any way I could act with respect to my financial affairs and matters, as allowed by law, even during periods of disability or incapacity that I may suffer. This Durable Power of Attorney will continue to be effective until I revoke it or until my death.
Powers Granted:
The Agent shall have the power to perform any act, make any decision, and exercise any right or privilege that I have, can, or may have relating to any personal and financial matters, including but not limited to the following:
- Real property transactions
- Tangible personal property transactions
- Stock and bond transactions
- Commodity and option transactions
- Banking and other financial institution transactions
- Business operating transactions
- Insurance and annuity transactions
- Estate, trust, and other beneficiary transactions
- Claims and litigation
- Personal and family maintenance
- Benefits from social security, Medicare, Medicaid, or other governmental programs, or military service
- Retirement plan transactions
- Tax matters
This Durable Power of Attorney becomes effective immediately upon signing and shall remain in effect until it is revoked by the Principal or until the Principal's death.
Signatures:
This document and the powers granted herein will become effective on the date it is signed by the Principal.
_____________________________________
Principal's Signature
Date: ___________________________________
_____________________________________
Agent's Signature
Date: ___________________________________
State of Michigan )
\_\_\_\_\_\_\_\_\_\_\_\_ )ss
County of ____________ )
On this ____ day of ___________, 20__, before me, a Notary Public in and for said state, personally appeared ________________________________, known to me to be the person whose name is subscribed to the foregoing instrument, and acknowledged that he/she executed the same for the purposes therein contained.
In witness whereof, I have hereunto set my hand and official seal.
_____________________________________
Notary Public
My Commission Expires: _________________
Document Properties
| Fact Name | Description |
|---|---|
| Definition | A Michigan Durable Power of Attorney allows a person to appoint someone else to make financial and legal decisions on their behalf. |
| Durability | This form remains effective even if the person who created it becomes incapacitated. |
| Governing Law | The Michigan Durable Power of Attorney is governed by the Michigan Compiled Laws, specifically MCL 700.5501 et seq. |
| Agent Authority | The appointed agent can manage financial matters, including banking, real estate transactions, and tax filings. |
| Revocation | The principal can revoke the Durable Power of Attorney at any time, as long as they are mentally competent. |
| Witness Requirements | The form must be signed in the presence of at least one witness or a notary public to be legally valid. |
| Limitations | While broad in scope, the agent cannot make healthcare decisions unless explicitly authorized in a separate document. |
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