The Michigan durable power of attorney is a legal document that gives an agent the authority to make financial decisions for a principal (the person granting power). Unlike other powers of attorney, this document does not terminate if the principal becomes disabled or incapacitated. A durable power of attorney can also be made to activate only if the principal loses their capacity to make decisions (called a “springing” power of attorney). Having a durable power of attorney in place ensures that the principal’s finances will be cared for when they are unable to do so themselves.
Agent’s Duties – § 700.5501(3)
Signing Requirements (§ 700.5501(2), (4)) – Two (2) Witnesses or Notary Public; Agent must sign an “Acknowledgment of Responsibilities by Attorney-in-Fact” before exercising authority.
Statute – § 700.5501(1)
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…showing the principal’s intent that the authority conferred is exercisable notwithstanding the principal’s subsequent disability or incapacity…