The Michigan general financial power of attorney is a legal form that enables one person (principal) to appoint someone else (agent or attorney-in-fact) to oversee financial matters and make related decisions. This legal authorization gives the agent extensive authority to conduct financial dealings, manage property matters, and handle interactions with government programs on behalf of the principal.
A general power of attorney is typically effective immediately upon execution and remains in effect until it is revoked by the principal or until the principal becomes incapacitated. At the same time, a durable form continues to operate after the principal’s incapacity, making it a critical tool for estate planning and management in unexpected health issues. Check out all Michigan power of attorney forms on FormsPal.
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The Michigan Compiled Laws, Sections 700.5501 to 700.5505, detail the regulations regarding creating and using a general power of attorney. These sections provide essential guidelines, although they primarily address durable powers of attorney. Those filling out a non-durable power of attorney template should consult these sections but can disregard aspects solely to durability. Michigan’s general power of attorney laws include:
Section 700.5504 stipulates that a power of attorney is not automatically revoked upon the principal’s death or incapacity unless the agent knows these events. This provision ensures that the agent makes transactions and decisions in good faith and remains effective and legally binding.
| Document Name | Michigan General Power of Attorney Form |
| Other Name | Michigan Financial Power of Attorney |
| Relevant Laws | Michigan Compiled Laws, Sections 700.5501 to 700.5505 |
| Avg. Time to Fill Out | 10 minutes |
| # of Fillable Fields | 41 |
| Available Formats | Adobe PDF |
The Michigan general financial power of attorney allows you to appoint someone to manage your financial affairs. This guide will help you complete the form to ensure your financial matters are handled according to your wishes.
1. Read the Notice
Before you start filling out the form, carefully read the notice at the beginning. It explains the broad and sweeping powers you are granting with this document. If you have any questions or need clarification, consider seeking legal advice.
2. Fill in Personal Information
Enter your full name and address as indicated at the beginning of the form. This designates you as the principal — the person granting the power.
3. Appoint Your Agent
Choose a trusted individual as your agent (or attorney-in-fact) and fill in their full name and address. This person will have the authority to handle your financial transactions.
4. Grant Specific Powers
Specify the powers you wish to grant your agent by initialing next to each applicable option on the form. These powers include handling real estate, managing personal and business assets, conducting financial and investment transactions, overseeing insurance and retirement plans, and dealing with legal claims and government benefits. To grant all powers listed, simply initial next to “All of the Powers Listed Above.”
5. Add Special Instructions
If you want to apply any specific details or limitations to the powers granted, enter these instructions in the “Special Instructions” section. This part may involve additional powers not listed or specific directives on how the powers should be used.
6. Set the Effective Date
Determine when this power of attorney will become effective. You can choose if it will be effective immediately or start on a specified future date. Initial next to your choice.
7. Decide on Termination
Decide how the power of attorney will end. It can be set to terminate on a specific date, upon your incapacitation or your death, unless it is revoked sooner. Initial next to your choice.
8. Signatures and Witnesses
After completing the form, sign it in the presence of a notary public or two witnesses. This step is crucial as it verifies the authenticity of the document.
9. Notarization
Take the document to a notary public to have it notarized. The notary will verify your identity and understanding of the form and seal the document.
