Maine General (Financial) Power of Attorney Form
It may advantageous for an individual, known as the Principal, to delegate the management of their financial tasks to another party, known as the Agent, by executing a Maine General (Financial) Power of Attorney. The Agent will be granted decision making powers to perform whatever tasks the Principal delegates to them, but due to the “general” nature of this contract, the use of such powers is contingent on the Principal’s good health. Specifically, if the Principal becomes incapacitated, the Agent will be legally required to relinquish their powers.
In order for a General Power of Attorney concerned with the Principal’s finances to be conducive to the Principal’s interests, it is advisable for them to name an Agent who possesses expertise or experience in the financial realm. An Agent with these qualities may be better able to assist the Principal in reducing their overheads or streamlining their financial processes.
State Laws & Signing Requirements
State Laws – Maine Uniform Power of Attorney Act
Signing Requirements (§ 5-905) – A Principal must be aware of the signing requirements that are set forth for a Maine General (Financial) Power of Attorney form. Namely, they are required to organize for their signature is acknowledged before a Notary Public or another authorized individual.