Michigan Limited Power of Attorney Form
A Michigan limited power of attorney is a legal form that is created by a principal to give an agent the authority to act in their place while performing various tasks. It is highly specific (unlike a general power of attorney) as the agent can only carry out the duties that are listed in the document. The person selected as the agent must be trusted to make the best decisions for the principal. For this reason, it is common for a family member, close friend, or business partner to be chosen.
If the principal cannot make their own decisions due to being in an accident or illness, the limited power of attorney becomes void. This is different from durable or medical power of attorneys, which give the agent power even if this situation occurs.
A limited power of attorney is used for one-time tasks that must be completed within a certain time frame. Examples of assigned duties include managing a principal’s investments, real estate, and much more. An agent must follow the requests exactly as stated. If they act outside of the bounds of the form, the agreement immediately ends. Similarly, the principal can terminate by filling out a Michigan revocation form.
Signing requirements (§ 700.5501(2)): Must be witnessed by two (2) people or signed in the presence of a notary public.