A Michigan durable power of attorney form allows an individual, known as the “principal,” to choose a representative to make any type of financial decisions and actions on their behalf. This type of contract either comes into effect immediately (and endures after the principal’s incapacitation) or only upon a physician declaring that the principal has become incapacitated. A secondary agent should also be assigned in case the first choice turns out to be unavailable when needed. The agreement can be terminated by the principal at any time as long as they are mentally competent, and on occasion, the courts will terminate the agreement if it is determined that the principal wasn’t of sound mind or was under excessive pressure when they signed it. For the contract to be valid, the attorney-in-fact must complete and file an Agent Affidavit acknowledging the acceptance of their appointment.
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