Your Durable Power of Attorney May Not Be Valid for Long
On May 23, 2012, the Governor of Michigan signed a new law pertaining to Durable Power of Attorney agreements. Public Act 141 of 2012 lists new requirements and will affect all agreements signed after September 30, 2012.
A Durable Power of Attorney is a legal document that designates an agent who can act on your behalf for all of your financial transactions. Most of the time, this document is only effective upon someone’s disability.
The new law requires that two witnesses sign the document, that it is notarized, or both. Further, the agreement is not effective unless the designated agent signs an acceptance of the designation that sets forth all of their duties. This is the most significant change in the law.
The new law currently governs DPOAs signed after October 1, whereas those signed before October 1 remain unaffected. However, the banks are likely to begin refusing DPOAs that do not comply with the new requirements. It is highly recommended that you contact an experienced attorney about a DPOA before starting the process.
Stay proactive and make sure your Durable Power of Attorney complies with the new law to maintain peace of mind. Contact the experienced Estate Planning team at Fausone & Grysko, PLC today. Call our office at (248) 380-0000 or send us a message.