A Michigan general power of attorney is a legal document that allows a principal (the document creator) to designate someone they trust to act as their attorney-in-fact (or “agent”) and manage their financial affairs. The agent’s duties often include filing the principal’s taxes, signing checks, conducting real estate transactions, selling personal property, and managing retirement plans and insurance policies.
To properly execute the document, the principal must either acknowledge their signature before a notary public or sign the power of attorney in the presence of two (2) subscribing witnesses. It is also necessary for the agent to acknowledge their responsibilities by signing a statement written in accordance with § 700.5501(4).
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.
Durable Power of Attorney – Unlike a general POA, a durable power of attorney does not terminate if the principal becomes disabled or incapacitated.