Durable. Durable means that your Power of Attorney document is effective when you are competent as well as if/when you become incapacitated.
Power. The person you appoint (called your Agent or Attorney-in-Fact) has the power to handle your assets and business related affairs. By statute, the Agent must sign a written acceptance before having the authority to act.
Scope of Authority. This legal document can grant broad powers or powers restricted to specific tasks. Our documents are compatible with long-term care planning.
Effective. The document is effective only while you are alive; it terminates upon your death. It can be effective as soon as you sign the document (preferred option) or effective only upon your disability as certified by at least one physician.
Authority. Michigan statute allows for a Financial Power of Attorney; however, there are limited requirements to meet:
It must be signed when you are competent and age 18 or older.
It must be notarized so the agent may handle real estate matters.
Revocation. The document can be revoked at any time.
You need a Durable Financial Power of Attorney because you get to select the person to be in charge of your affairs; it usually avoids a Court appointed conservator, which saves you and your family money and time and keeps your personal information private; and, your Agent will be able to manage assets held in your name alone such as life insurance, IRAs, retirement plans, and annuities. Without a Power of Attorney, no one would be able to manage these assets if you could not.
Contact us to schedule your appointment to discuss your specific needs.