Thursday, July 18, 2013

Recent Changes in Michigan's Power of Attorney Law

As our clients get older and making decisions becomes more of a challenge for any number of reasons, it becomes even more important to have a properly drafted Power of Attorney authorizing others to make financial decisions on their behalf. Last year, the Michigan Legislature adopted a new Durable Power of Attorney (POA) statute, MCL 700.5501, effective after October 1, 2012, which while not invalidating documents executed prior to that date, applies to documents created after that date.
The requirements of the new statute include:
  1. The POA must be signed in the presence of two witnesses, neither of whom is the attorney-in-fact, both of who must sign the POA, or the POA must be acknowledged before a notary public.
  2. The attorney-in-fact must now sign an acknowledgment or acceptance, with statutorily prescribed language, before the attorney can act. This acknowledgment includes an understanding that there are specific limitations to the attorney-in-fact's powers, that the attorney-in-fact must maintain proper records with respect to receipts, disbursements and investments, and that the attorney-in-fact may be liable for any damage or loss to the principal.
  3. The attorney-in-fact cannot make a gift of any of the principal's assets, unless specifically provided for in the POA.
  4. Unless the POA specifically provides that, the attorney-in-fact cannot create an account or transfer an asset in joint tenancy between the principal and the attorney-in-fact.
  5. The POA may exonerate the attorney-in-fact of any liability to the principal for breach of fiduciary duty, however the statute specifically exempts actions committed by the attorney-in-fact in bad faith or with reckless indifference.
  6. The new statute specifies that it does not apply to a POA executed before October 1, 2012 or executed in a business setting.
     The Michigan Trust Code (MCL 700.7602 (5)) also contains language that with respect to a Trust the "settlor's powers with respect to revocation, amendment, or distribution of trust property may be exercised by an agent under a durable power of attorney only to the extent expressly authorized by the terms of the trust or the power of attorney".
     With the changes in the law, more thought and effort will be needed to determine what a client wants or needs with respect to the provisions drafted in the client's POA. These changes will become especially important if the POA is intended to be eventually used for Medicaid or other sophisticated planning. As always, a thorough review by experienced advisors is highly recommended..

86 comments:

  1. Since Indian lawyers work while American lawyers rest, it will resemble your law firm has a full time, completely staffed night move. trademark registration

    ReplyDelete
    Replies
    1. Deep Learning Projects assist final year students with improving your applied Deep Learning skills rapidly while allowing you to investigate an intriguing point. Furthermore, you can include Deep Learning projects for final year into your portfolio, making it simpler to get a vocation, discover cool profession openings, and Deep Learning Projects for Final Year even arrange a more significant compensation.

      Python Training in Chennai Project Centers in Chennai

      Delete
  2. If you are involved in a car accident you may not wonder about the question, how an auto accident lawyer can help you, as probably he alone is the person to deal with your problem in the best possible way. Detroit Car Crash Lawyer

    ReplyDelete
    Replies
    1. Good Post! Thank you so much for sharing this pretty post, it was so good to read and useful to improve my knowledge as updated one, keep blogging.
      Temporary Resident Permit in Canada

      Delete
  3. This comment has been removed by the author.

    ReplyDelete
  4. I always enjoy reading your content every day. I’ve learned a lot from these articles. Thanks so much for sharing your knowledge.. Attorney Dan Connolly New London NH

    ReplyDelete
  5. This is my first time i visit here. I found so many interesting stuff in your blog especially its discussion. From the tons of comments on your articles, I guess I am not the only one having all the enjoyment here keep up the good work Lawyer

    ReplyDelete
  6. Seeking the legal consultancy for any civil matter? Contact the Rahul Soni, the principal lawyer of the Soni Law Firm. He has successfully represented his clients at the Superior Court of Justice, Human Rights Tribunal of Ontario, and Small Claims Court. So, you can trust him for getting any legal advice regarding the employment law, labour law, and personal injury law.

    ReplyDelete
  7. The most awaited thing after any accident is the claim of compensation you make to cover the loss - of course only in cases where it is applicable. Trollinger Law

    ReplyDelete
  8. An intriguing discussion will be worth comment. There’s no doubt that you should write more on this topic, it might not be described as a taboo subject but normally folks are inadequate to speak on such topics. To another location. Cheers eliaandponto.com

    ReplyDelete
  9. The article posted was very informative and useful. You people are doing a great job. Keep going. https://www.gpwlaw-mi.com/

    ReplyDelete
  10. I'm constantly searching on the internet for posts that will help me. Too much is clearly to learn about this. I believe you created good quality items in Functions also. Keep working, congrats! https://www.eliaandponto.com

    ReplyDelete
  11. I recently noticed your website back i are generally looking through which on a daily basis. You’ve got a loads of information at this site so i actually like your look to the web a tad too. Maintain the best show results! GPW Law

    ReplyDelete
  12. You have done a great job on this article. It’s very readable and highly intelligent. You have even managed to make it understandable and easy to read. You have some real writing talent. Thank you.  onsist.com

    ReplyDelete
  13. Excellent post. I was reviewing this blog continuously, and I am impressed! Extremely helpful information especially this page. Thank you and good luck. Livnfresh Michigan

    ReplyDelete
  14. We are Pakistan's first Legal Comparison and Service Website that covers the whole of Pakistan 24 hours a day Human rights lawyers

    ReplyDelete
  15. In New Jersey, a Power of Attorney can incorporate arrangements regarding settling on human services choices, including the ability to agree to any medicinal consideration, treatment, administration or system.Адвокат дорожного движения

    ReplyDelete
  16. Wow what a Great Information about World Day its very nice informative post. thanks for the post. Leading Michigan Car Accident Lawyer in 2018 near Detroit Michigan

    ReplyDelete
  17. This is such a great resource that you are providing and you give it away for free. I love seeing websites that understand the value of providing a quality resource for free. It is the old what goes around comes around routine. Click Here

    ReplyDelete
  18. I am definitely enjoying your website. You definitely have some great insight and great stories. Website

    ReplyDelete
  19. Great accident attorneys disregard no stone in an appraisal of conceivable careless gatherings in an accident. Cases are constantly evaluated for compensatory and reformatory harm sums, and the courts will routinely allocate rates of blame in cases with different respondents.Click here

    ReplyDelete
  20. Visit calls to the attorney typically work, in spite of the fact that it never damages to "fly by" the attorney's office and request to meet with the attorney, or if he's not accessible, his paralegal.עורך דין תביעה ייצוגית

    ReplyDelete
  21. While there are many factors that affect whether a client wins or loses a personal injury case, or affect the level of the settlement, selecting the right personal injury attorney makes the most difference in winning the case. Holm Law Group San Diego

    ReplyDelete
  22. The real property proprietors in some cases lose their possession as a result of their carelessness. Accordingly the squatters take the responsibility for land, in the wake of involving it for the legally required period. how to find a good malpractice lawyer

    ReplyDelete
  23. A decent attorney will likewise discover numerous significant things, for example, did police research? was the other party given a ticket? who is the other person? is there protection? is there enough protection?Car accident attorney Raleigh

    ReplyDelete
  24. A Power of Attorney additionally might be tough, implying that it produces results upon its execution (or a predetermined date) and proceeds as a result regardless of whether the Principal winds up debilitated, or springing, implying that it just produces results after the Principal is weakened (or some other unequivocal future act or situation).Dallas criminal lawyer

    ReplyDelete
  25. The flood of salary to the proprietor's family will be cut off if the entrepreneur, being the sole provider of the family, out of the blue passes away.injury lawyer philadelphia

    ReplyDelete
  26. Before documenting your case it is essential that you have checked your protection approach to guarantee that you know the level of your inclusion. slip and fall lawyers near me

    ReplyDelete
  27. This is a smart blog. I mean it. You have so much knowledge about this issue, and so much passion. You also know how to make people rally behind it, obviously from the responses. https://www.gpwlaw-mi.com/

    ReplyDelete
  28. This comment has been removed by the author.

    ReplyDelete
  29. Thanks for this valuable information. Very easy to understand! Awesome
    best lawyer in lahore

    ReplyDelete
  30. Thanks for sharing the best information and suggestions, I love your content, and they are very nice and very useful to us. If you are looking for the best St Petersburg Personal Injury Lawyer,then Coleman Law Group.I appreciate the work you have put into this.


    ReplyDelete
  31. The article was up to the point and described the information very effectively. Thanks to blog author for sharing an informative post. Gretna Defense Attorney

    ReplyDelete
  32. A Power of Attorney can be general, meaning that it gives the Attorney-in-fact the authority to do whatever the Principal might do for herself, or limited, meaning that it is limited in scope and/or time. https://g.page/dr-goz-peter-ugyved-debrecen

    ReplyDelete
  33. Often, ordinary law must be deciphered inside the setting of CIL. (8) As a reasonable issue, arrangements are regularly altered by revisions, conventions and (typically specialized) annexes. Car Accident Fatality Statistics

    ReplyDelete
  34. Very well written article. It was an awesome article to read. Complete rich content and fully informative. I totally Loved it. Car Accident Lawyer Jefferson

    ReplyDelete
  35. Great job for publishing such a nice article. Your article isn’t only useful but it is additionally really informative. Thank you because you have been willing to share information with us. car accident attorney in bluffton sc

    ReplyDelete
  36. This comment has been removed by the author.

    ReplyDelete
  37. You have provided a richly informative article about power of attorney law. It is a beneficial article for me and also helpful for those who are searching for this type of blog. Thanks for sharing this information here. law firm

    ReplyDelete
  38. You are really awesome as the post you have shared here about power of attorney law is really interesting and informative also. Thanks for posting it. Keep it up. stallings attorney

    ReplyDelete
  39. Post Which you have shared here. Your article is very informative and nicely describes the process . Thank you so much. family law attorney near me

    ReplyDelete
  40. Thanks for sharing that blog with us. If anyone here searching Legal Services Gold Coast then visit Enso Legal.

    ReplyDelete
  41. I got some wonderful knowledge from this post. The post is very informative and contains some best knowledge. Thanks for sharing it. Bankruptcy Attorney in Toledo Ohio

    ReplyDelete
  42. You are providing such an informative article here. You have described everything which is easily understandable to everyone. Keep sharing this kind of articles, Thank you. Best Divorce Lawyer

    ReplyDelete
  43. You have worked nicely with your insights. Lots of valuable data can be taken from your article. Genuinely it is a significant article for us. Metairie Divorce Lawyer

    ReplyDelete
  44. I am very grateful that I found some helpful content during this post. After reading it, I feel that you simply have good knowledge. Thanks for posting it. Keep it up. Car accident attorney bakersfield ca

    ReplyDelete
  45. I admire this article for the well-researched content and excellent wording. I got so involved in this material that I couldn’t stop reading. I am impressed with your work and skill. Thank you so much.Trademark Lawyers Sydney Keep Sharing.

    ReplyDelete
  46. I recently came upon your blog and wanted to express how much I liked reading your postings. I'm hoping you'll write again soon. Thank you very much for the excellent information. immigration lawyers in san antonio

    ReplyDelete
  47. Useful post about the michigans power of attorney. I would like to share it.
    Columbus Ohio employment attorney

    ReplyDelete
  48. http://www.oakparkforeclosurelawyer.com/2012/07/foreclosures-rates-for-illinois.html?showComment=1574750938568#c6041189196674131280
    http://www.ryanbower.com/2013/05/ryan-bower-attorney-at-law-biography.html?showComment=1574751654887#c6318037692578345648

    ReplyDelete
  49. Great Information about the power of attorney and how it works. thanks for this post.
    Car Accident Attorney Columbus

    ReplyDelete
  50. I read the above article and I got some knowledge from your article. It's actually great and useful data for us. divorce process in arkansas Thanks for share it.

    ReplyDelete
  51. You have given essential data for us. about patent lawyer brisbane It is excellent and good for everyone. Keep posting always. I am very thankful to you.

    ReplyDelete
  52. The article posted was very informative about the power of attorney. You are doing a great job. Keep going

    Columbus employment attorney

    ReplyDelete
  53. I liked your work and, as a result, the manner you presented this content about Family conflict management in NSW.It is a valuable paper for us. Thank you for sharing this blog with us.

    ReplyDelete
  54. A very delightful article that you have shared here Attorney Hilton Head SC Your blog is a valuable and engaging article for us, and also I will share it with my companions who need this info. Thank for sharing.

    ReplyDelete
  55. You wrote this post very carefully about Workers compensation law. The amount of information is stunning and also a gainful article for us. Keep sharing this kind of articles, Thank you.

    ReplyDelete
  56. We deals with family matters, divorce, khula, child custody, Company Registration, Dower Amount, Maintenance Cases, Recovery, Legal Notice, Complaints , FIR lodges and court Marriages
    https://courtmarriageconsultancy.com/

    ReplyDelete
  57. if you choose a solicitor that hasn't got the experience and knowledge that you need. By choosing a dedicated divorce solicitor, you can be sure that they will be doing all they can to ensure that you get the outcome you want. divorce solicitors free advice

    ReplyDelete
  58. You have given essential data for us. about Bankruptcy Attorney minnesota It is excellent and good for everyone. Keep posting always. I am very thankful to you.

    ReplyDelete
  59. I appreciate the efforts which you have put into this article. This post provides a good idea. Genuinely, it is a useful article to increase our knowledge. Thanks for sharing such articles here. Real Estate services Greensburg

    ReplyDelete
  60. When it involves juvenile court proceedings the parents can choose to hire a juvenile attorney but if they cannot afford to hire one the court will appoint a child advocate lawyer. These lawyers are trained in representing minors. legal consultant dubai

    ReplyDelete
  61. Hey friend, it is very well written article, thank you for the valuable and useful information you provide in this post. Keep up the good work! FYI, Credit card Sbi pulse credit card review, It happened one summer pdf download, my self in english 20 lines

    ReplyDelete

  62. Thank you so much for your continued encouragement and inspiration, Erin. For those of us still experiencing the rain, the reminder that the sun does eventually shine is so helpful.Best Mortgage Rates in Canada

    ReplyDelete
  63. This is a really good read for me, Must admit that you are one of the best bloggers I ever saw.Thanks for posting this informative article.Best Bank Mortgage Rates in Canada

    ReplyDelete
  64. Really glad to say, your post is very interesting to read. I never stop myself to say anything about it. You are doing a great job. Thank you for sharing this blog here.
    Merchant Cash Advance Attorney South Dakota
    Merchant Cash Advance Attorney Tennessee

    ReplyDelete
  65. Nice post.I like the way you start and then conclude your thoughts. Thanks for this information .I really appreciate your work, keep it up.Best Mortgage Rate in Milton

    ReplyDelete
  66. You’re an excellent blogger. I’m very impressed by your work and will recommend your tips to everyone in my circle so that they can also benefit from this information. Top Rated Criminal Defense Lawyer.

    ReplyDelete
  67. Nice post.I like the way you start and then conclude your thoughts. Thanks for this information .I really appreciate your work, keep it up.Best Mortgage Rate in Aurora

    ReplyDelete
  68. Nice post.I like the way you start and then conclude your thoughts. Thanks for this information .I really appreciate your work, keep it up.Best Mortgage Rate in Vaughan

    ReplyDelete
  69. You really make it seem so easy with your presentation but I find this topic to be really something which I think I would never understand.Best Mortgage Rate in Hamilton


    ReplyDelete
  70. I have been reading your posts frequently. I need to say that you are doing a fantastic work. Please keep up the great work.
    Best Mortgage Rate in North bay

    ReplyDelete
  71. Thanks for a great time visiting your site. Pretty good post. I just stumbled upon your blog and wanted to say that I have really.Best Mortgage Rate in Mississauga

    ReplyDelete
  72. Nice post.I like the way you start and then conclude your thoughts. Thanks for this information .I really appreciate your work, keep it up.Blended Mortgage

    ReplyDelete
  73. Orlandi physical therapy is a treatment that uses physical therapy to help patients recover from injuries or illnesses. The therapy can be used to help patients regain strength, mobility, and function. Orlandi physical therapy treatment

    ReplyDelete
  74. Thank you for providing me with such valuable information about legal separation in illinois. This article provided me with some useful knowledge. Continue to make posts like this.

    ReplyDelete
  75. You've created an excellent essay. Your essay gave me some unique and useful information. Thank you for bringing this article to our attention. family law

    ReplyDelete
  76. Non-invasive liposuction is a type of body contouring procedure that uses advanced technologies to remove unwanted fat from specific areas of the body, without the need for surgery. non invasive lipo


    During a non-invasive liposuction procedure, a device is used to deliver controlled energy to the treatment area, causing the fat cells to rupture and be eliminated by the body’s natural processes.

    Non-invasive liposuction is often used to treat localized areas of fat that are resistant to diet and exercise, such as the waist, hips, thighs, arms, and chin. It can also be used to improve the appearance of cellulite.

    Non-invasive liposuction is a safe and effective alternative to traditional liposuction, and has minimal downtime and side effects.

    ReplyDelete
  77. BRILLIANT post! Thank you. There should be more individuals like you in the world. Thank you for sharing your knowledge and wisdom.
    labor and employment law firms columbus ohio

    ReplyDelete
  78. This is a great article with lots of informative resources. I appreciate your work this is really helpful for everyone.
    drunk driving lawyer columbus ohio

    ReplyDelete
  79. Your blog held my interest right to the very end, which is not always an easy thing to do!!
    columbus ohio dui lawyers

    ReplyDelete
  80. I am happy that you have shared great info with us, It is a gainful article for us. Thankful to you for sharing an article like this.Personal injury lawyer bakersfield ca

    ReplyDelete

We welcome and appreciate your comments but remind you that while not all viewpoints are equally respectable, all people should be treated with respect. The authors do not actively moderate comments but reserve the right to remove comments that are offensive, derogatory, or contain spam.