A Maine durable power of attorney allows an individual, known as the “principal,” to appoint an agent to represent them and perform financial assignments on their behalf. The financial authority the agent receives can enable them to control the principal’s bank accounts, real estate, business entities, and assets, as well as file taxes, pay wages, and make gifts in the principal’s name. This power of attorney either becomes effective when it is executed or after a physician determines that the principal can no longer manage their affairs. In both cases, the document will remain in effect until revoked in writing or the principal dies.
Agent’s Duties – § 5-914
Signing Requirements (§ 5-905(1)) – Notary Public
Statute – § 5-902(2)
“Durable,” with respect to a power of attorney, means not terminated by the principal’s incapacity.