Michigan Durable Power of Attorney (Financial)

Last Updated: 6/11/2015

Document Description

Accountants, financial planners, bankers – you have probably used an arsenal of experts such as these to help you manage your money. However, those experts won’t do you any good if you have to face an extended illness, absence or other incapacitation and need someone to take over your money matters. This form is a crucial estate planning document that will help you prepare for circumstances such as these and ensure that your money will be kept in order.

A financial power of attorney allows you, the principal, to grant power to an agent (or attorney-in-fact) in one or many fiscal areas. You would still be able to manage your money, but the agent would also have access. Because of this, it is important to select someone you trust implicitly to serve in this role. You may decide to appoint more than one agent, and you should also consider adding a successor agent if your first choice is unable to serve. The only legal requirement is that the agent be over 18 years old.

The Michigan Financial Power of Attorney is customizable and covers duties such as banking, buying and selling property, managing retirement plans and more. You may also add custom areas not specifically listed in the document and special instructions limiting or extending the agent’s powers. The state of Michigan requires that the agent signs an acknowledgment of his or her duties, which this document also includes.

You may also choose to have your financial power of attorney take effect immediately and continue despite any future incapacitation, which makes it durable, or only when it is determined by a physician that you are no longer able to manage your own affairs. It may be revoked at any time, but it ends automatically upon the principal’s death.

State law requires that you sign your Michigan Financial Power of Attorney before a notary public or two witnesses who must also sign. Once it’s signed, you can upload it to your ezEstatePlanner Vault. The ezEstatePlanner Vault is a secure location perfect for storing all of your estate planning documents and may be accessed whenever you choose, by whomever you choose.

The State Bar of Michigan maintains a website with additional legal information. Visit www.michbar.org.

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