Michigan General (Financial) Power of Attorney Form
A Michigan General (Financial) Power of Attorney serves the main purpose of giving someone the ability to put their finances in a trusted person’s hands, due to them traveling, receiving health care, or going away on a military deployment. The agreement carries one notable characteristic that differentiates it from a Durable POA—it will end (rather than endure) upon the principal’s incapacity. This makes the general POA the best option for anyone who only wants their Power of Attorney to only remain in effect when they are in sound mental and physical health.
What powers can be granted with the form?
- Investments (stocks & bonds)
- Retirement plans
- Real estate
- Commodities & options
- Bank accounts
- Claims and litigation
- Business operation/management
- Terminates if the principal can’t communicate;
- Used for granting wide-ranging financial powers;
- Only one (1) agent can be nominated at one time; and
- Does not have an expiration date, although rarely used for more than one (1) year.
Laws: Ch. 700, Act 386
Signing requirements (§ 700.5501(2)): Two (2) witnesses and Notarization obligatory.