 | Maine Durable Financial Power of Attorney Form |
The Maine durable financial power of attorney form is a document that is provide to an Agent that the Principal feels comfortable with and trusts to oversee the majority of all aspects of their financial, real property and personal property and even medical decisions. This appointed Agent would literally touch every aspect of the money and property as well, the personal property and savings of the Principal. The Agent must absolutely enter into the agreement with full knowledge that they are to treat the Principal’s Estate and financial as if the Principal were in perfect health and available to attend to their own affairs.
It is very strongly recommended that the Principal take the time to review this document carefully. If any of the language is unclear, the Principal may choose to arrange consultation with an Attorney to ensure that there is a clear understanding by the Principal with regard to the legalities and possible implications related to this document.
This document will require the witness of a Notary Public. The Principal will retain the right to revoke this document at their discretion, by providing written notice and delivery to the Agent or by execution of a new powers document. The Principal may make the document immediately available or they may prefer to make the document a “Springing” powers document which would only become effective upon the actual disability or incapacitation, by completing the section at the end of the document when offered the selection.
How to Write
Step 1 – Establishment of Principal –
- Once the document has been downloaded, enter the full name of the Principal in the first line on the document
- Enter the name of the Principal again, on line two
- Enter the name of the County of the Principal’s residence
- AND
- Enter the name of the appointed Agent/Attorney In Fact
- Enter the Agent’s City of residence
- Enter the Agent’s State of residence
Step 2 – Powers – Principal must carefully review the following:
- General Grant of Power
- Powers of Collection and Payment
- Power to Acquire
- Management Powers
- Banking Powers
- Motor Vehicles
- Tax Powers
- Safe-Deposit Boxes
- Gift Making Powers
- Power to Create and Transfer Assets to Inter Vivos Trust
- Power to Make Statutory Elections and Disclaimers
- Retirement Plan Powers
- Insurance
- Other Powers
- Interpretation and Governing Law (enter the name of the County where the document is executed)
- Effective Date and Durability ( if the Principal would prefer the “springing” option:) Enter the following:
- Enter the name of the Principal’s Physician
- Provide the Physician’s City
- And State
- Third Party Reliance
- Reimbursement and Successor Agent (enter the name, city and state of a second agent to serve consecutive in the event the initial Agent becomes unable or unwilling to continue serving)
- Protective Proceeding
- Notice to Principal
- Notice to Agent
Step 3 – Signatures – All signatories must only submit their signatures in the witness of a licensed state Notary Public:
- Physician’s Name (Signature)
- Date of the Principal’s Signature in mm/dd/yyyy format
- If other Physician’s must sign on behalf of the Principal with regard to incapacitation, provide the following information for both physicians:
- Name (Signature) – of two more physicians
- Dates in which the physicians signed the documents
- Physical Address of each Physician
- AND
- As the Notary Public witnesses all signatures, they shall complete their information on the document, acknowledging it’s validity
Provide copies to all signatories and the Principal must keep the original for their record keeping.
