There are no standardized forms currently recognized by the Michigan legislature regarding power of attorney requirements in the state, but it is still important to schedule a consultation with an experienced and trusted estate planning lawyer to determine what is most appropriate for you. This article contains some basic information about how financial power of attorney works.
A financial power of attorney in Michigan is a legal document through which the principal, who is the person creating it, gives another person authority to act on the principal’s behalf in certain kinds of financial measures. Power of attorney documents like this can be especially helpful if you are not present to take care of a financial matter or if you have another person in your life who you trust to make decisions about your finances for you. The Michigan power of attorney laws are documented in Chapter 700 of the Michigan Compiled Laws.
A Michigan financial power of attorney must be dated, signed by the principal or notary public on behalf of the principal and either acknowledged before a notary public or signed in the presence of two witnesses. Michigan allows for both springing power of attorneys which occur upon certain instances and durable power of attorneys. It is important to include the acknowledgement of the agent's responsibilities with regard to taking over the financial affairs of another person.
Did you know we’ve made adjustments in our office to help you during these difficult times? Here are a few of them:
· Thank you to all hospital staff and first responders during this crisis situation. We are offering complimentary Base Will Plans including a Will with outright distributions, general (legal/financial) power of attorney, and medical power of attorney. 50% off of all services above the Will Plan.
· Thank you to all “Essential Workers”. We are offering 40% off of all services.
· Thank you to all service industry employees unable to work right now. 35% off of all services.
· Thank you to all restaurant and small business owners. 30% off all services.
· Crisis-Time Services for general public: 20% off all services.