A South Dakota financial power of attorney form allows a principal to appoint an agent to run their financial affairs immediately and during the term of their incapacitation. The principal can terminate the document at any time while they are mentally capable by authorizing a revocation document. If the principal chooses their spouse as their agent, it should be noted that a divorce doesn’t automatically end the arrangement. Whoever is chosen should be trustworthy and able and willing to manage all financial affairs, however routine or difficult. The agent should be available locally to better handle any face-to-face tasks, and it’s vital to name an alternate agent in case the first choice isn’t available when and if needed.
“Durable” Definition – South Dakota law does not provide a definition for “durable” with respect to a financial power of attorney. However, a definition for a durable power of attorney for health care can be found in statute § 34-12C-1(2).
Laws – § 43-30S-5-19
Signing Requirements – Principal only, though notarization is recommended (§ 59-6-11).