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Maine Durable (Financial) Power of Attorney Form

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Durable Power of Attorney in Maine is a document that allows a person to confer authority on another to act in his or her behalf for various reasons. Often a person wants to make sure someone they trust is in place to take over matters if they are in an accident or otherwise alive, but incapacitated. Other times, a person plans to be away for a period of time and wants to makes sure his or her affairs are handled appropriately.

Laws

How to Write

1 – The Appropriate Authority Designation Form Should be Obtained On This Page

The three buttons below the image will link to the form pictured on this page. Open this form using one of these buttons. Generally, it is suggested to save the file you open and intend to work on to your computer.

2 – The Statement Of Designation Needs The Individual Parties Involved Recorded

The Grantor (or Principal) designating the Agent (or Attorney-in-Fact) with the Power to make decisions on behalf of the Principal and take actions in his or her Name will appoint such Power to the Agent through the wording required in the first paragraph on this page.

The Principal’s Legal Name should be entered in the first blank space of this document. The second blank space will need the County or City where the Principal lives while, the third blank space must have the State where the Principal lives recorded. Next, locate the word “…designate” in the first paragraph. Make sure to enter the Agent’s Legal Name on the first blank space, the County or City where this party lives on the second blank line, and the State where the Agent lives on the last blank space of the first paragraph.

3 – This Form’s Effect Will Need To Be Clearly Identified As Durable

There will be two options to describe the Principal’s wishes in terms of whether this form should remain in effect if the Grantor is declared unable to make his or her own decisions by a Physician or the Courts. If the Grantor wishes the Agent to retain Principal Authority over the subject matters within this Agent’s jurisdiction, even if incapacitated in some way, then mark the first box. If this is not the case, and the Grantor wishes this document to automatically terminate, then mark the box corresponding to the second statement.

4 – Each Authority Defining Statement Must Be Assessed By The Principal

The next task to attend to will be to define what exactly the Attorney-in-Fact may do on behalf of the Grantor of Power. That is, what Attorney-in-Fact actions are approved through this document by the granting Principal. The list in the next section will address this issue by providing concise statements describing potential Attorney-in-Fact decisions and actions that may be taken in the Name of the Grantor. The Principal must personally initial each blank line that corresponds to a statement that defines the Power or Authority being granted.

The first item in this list is the “Banking” paragraph. If the Principal intends to allow the Agent to act in his or her Name in financial institutions, then he or she must initial the blank line corresponding to this statement.The second paragraph item is labeled “Safe Deposit Box.” If the Agent should have the right to access the Principal’s Safe Deposit Boxes, the Principal will need to initial the blank space present.The following statement, labeled “Lending or Borrowing,” is meant to cover the subject matter of Lending Money or Borrowing Money in the Principal’s Name. The Grantor should initial the blank space preceding this statement to Authorize the Attorney-in-Fact to use such Principal Power. The “Government Benefits” paragraph shall dictate the required language so the Attorney-in-Fact may deal with Government Benefits in the Name of the PrincipalShould the Principal wish to grant the Agent with the ability to handle Retirement Plans in his or her Name, the paragraph named “Retirement Plan” should be initialed by the Principal.The “Taxes” statement will grant the Principal the tool to appoint the Agent with the Authority to handle the Principal’s Taxes, once the Principal initials the blank line.The “Insurance” statement describes how the Agent may represent the Principal’s wishes with Insurance Policies, Plans, and Companies once, the Principal initials this statement.The statement labeled “Real Estate” must have the Principal’s initials, if the Principal wishes to grant the Attorney-in-Fact with the Authority to handle Real Estate Matters on behalf of the Principal.The “Personal Property” of the Principal will be under the Agent’s Principal Power to affect, once the paragraph labeled “Personal Property” is initialed.Next, the “Power to Manage Property” will be granted to the Agent when the Principal initials the tenth paragraph.  The “Gifts” statement gives the structure for the Principal to grant the Agent with the ability to make gifts in the Principal’s Name. The Agent will be able to do this and all the defined actions in this statement when the Principal initials this statement.

The last paragraph shall allow the Agent to gain and pay for Legal Advice and Proceedings in the Principal’s name, when the Principal initials the blank space labeled “Legal Advice and Proceedings.”The next section set up to help the Principal define the Powers granted in this document will be a set of blank lines labeled “Special Instructions.” Several blank lines have been provided so that you may report any additional instructions the Principal has regarding the Authority being issued to the Agent in this form. Keep in mind that all such instructions must be included with this form at the time of signing. Thus, if there is not enough room and an attachment is made, make sure it is firmly secured and labeled by the execution date.

5 – The Grantor Signature Provides Third Parties With Verification Of the Principal’s Intent

In order for any Third Parties the Principal deals with to take this document seriously, it will need to be signed by the issuing Grantor. The Date of this Signature must be documented at the time the Principal signs this document. In addition, the Grantor’s Signature must be Witnessed by two adults. In most instances, a Notarized Signature will be mandatory. For this reason, a separate area has been set aside for the Notary Public viewing this signing to subject this form to the notarization process.

The first Principal task will be found in the statement “In Witness Whereof, I have on this…” Here, the Principal will need to enter the Day, Month, and Year of signing this form using the three spaces in this statement.When the Principal has reported the Signature Date, he or she must also sign the form on the blank line labeled “Principal’s Signature.”There will also be a specific area for the Attorney-in-Fact to show his or her acknowledgement of the responsibilities here. The Attorney-in-Fact’s Signature should also be notarized.

Each Witness will need to sign the blank line labeled “Witness Signature” then enter his or her Address on the blank space (labeled “Address”) available below the Signature line.A Notary Public section has been included on this form below the Witness area so that any attending Notary Public may notarize this form’s signing accordingly.Finally, the last page will contain a “Specimen Signature and Acceptance of Appointment” section. here the Attorney-in-Fact must print his or her name on the first blank line, then sign his or her name on the second blank line (“Attorney-in-Fact’s Signature” line). The Attorney-in-Fact’s signature section will also have an area for the serving Notary Public to supply the correct facts of validation and the notarization seal.



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