He also asked Marlene about her relationship with her niece. The attorney asked Marlene why she felt she needed a POA at this point in her life. Marlene, an elderly widow, contacted an attorney to draft a POA naming her niece, Beth, as agent. He also realized there were no assets to be recovered because his father gambled away everything. Although David could have gone to court in an attempt to recover his money, he chose not to do so because he didn’t want to sue his own father. David did not discover his father’s misuse of the funds until he returned to Montana a year later. Unknown to David his father had a gambling addiction and lost all of his personal funds, as well as all of the money in David’s savings account. David’s pay was deposited in a savings account that his father could access under the POA. And, in most cases the money could not be recovered.ĭavid, a Montana National Guardsman, named his father as agent in a POA before he was deployed overseas. Unfortunately, there have been instances of agents who proved to be untrustworthy and misused money belonging to the principal. The major risk for the principal is the possible dishonesty of the agent. However, those with complicated finances or special circumstances may wish to consult with an attorney. The statutory form may be suitable for many Montanans. Jack’s POA limits his wife’s actions to those two transactions only.Ī POA document can be created by using the statutory form referred to in this MontGuide or by having an attorney prepare one. He also authorized her to redeem a certificate of deposit titled solely in his name that will reach maturity while he is out of the country. Jack (principal), a Montana National Guardsman who has been deployed overseas, signed a POA that gives his wife (agent) authority to sell their home. Sara signed a POA to give authority for her daughter to perform not only these types of actions, but also to make any other financial decisions for Sara in the future. Sara (principal), a homebound elderly mother who becomes agitated and stressed when confronted with financial decisions, wanted her daughter (agent) to have the authority to write checks to pay for groceries, medicine and other personal items for her. The agent can sign legal documents when the principal is unavailable, when the principal prefers the convenience of having someone else sign, or when the principal becomes incapacitated. With a POA a person (principal) can designate another person (agent) to act on the principal’s behalf.
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Statutory forms are available to download on this website and at the MSU Extension Estate Planning website under the Power of Attorney MontGuide at Why have a Power of Attorney (POA)? Agent’s Certification as to the Validity of Power of Attorney and Agent’s Authority.The MontGuide also highlights some of the risks of a POA and explains features of two forms that were included in the Act: Those who are asked to rely on the POA authority, such as financial institutions, businesses and other entities.The person who is authorized to make decisions on behalf of the principal (agent) and,.The person who gives the power (principal).
The Act sets out provisions for the creation and use of a POA and provides safeguards that are designed to protect: This article has been adapted from the Montana State University Extension Office’s MontGuide, “Power of Attorney.” The purpose of this MontGuide is to provide information about the Montana Uniform Power of Attorney Act (effective October 1, 2011).
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