The Michigan Durable (Financial) Power of Attorney sets up a system where somebody has the legal right to perform duties in the name of another. This specific document caters to those who would like to authorize an agent to accomplish transactions related to their financial assets and/or liabilities. What makes this particular form unique is its capability of remaining in effect whether or not the principal becomes disabled and unable to function on their own behalf. Parties granting the authority can implement this document by simply filling it out with the requested data and signing it as instructed by law (must receive the acknowledgment of witnesses and/or a notarial officer).
Definition – “A durable power of attorney is a power of attorney by which a principal designates another as the principal’s attorney-in-fact in a writing that contains the words “This power of attorney is not affected by the principal’s subsequent disability or incapacity, or by the lapse of time”, or “This power of attorney is effective upon the disability or incapacity of the principal”, or similar words showing the principal’s intent that the authority conferred is exercisable notwithstanding the principal’s subsequent disability or incapacity and, unless the power states a termination time, notwithstanding the lapse of time since the execution of the instrument.” (§ 700.5501(1))
Signing Requirements – Acknowledgment of Two (2) Witnesses and/or Notary Public (§ 700.5501(2))
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