Financial Power of Attorney

The financial power of attorney is a legal document authorizing someone to act on your behalf to conduct financial business. Copies of this document can be filed with any organization with which you conduct financial business.

 

After filing the financial power of attorney, your representative will be allowed to conduct business on your behalf. 

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• Organizations will be able to discuss your accounts with your named representative, just as if it were you on the phone. Without this form, regardless of your family relationship, they cannot release any financial or health information. If you file a financial power of attorney, they could talk to either you or your representative. 

• The address listed for your named representative on the financial power of attorney becomes the address of record for all mailings. Be sure when you file that you intend to have this action taken. The representative will need to keep us updated if their address changes.

• You can revoke your financial power of attorney, but you must do so in writing with a copy to all parties, including any organization you have given it to and your representative.

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Click on the link below for a collection of appropriate forms for use in Michigan. The durable power of attorney form at the top of the list will continue to be in effect even if you became incapacitated. The general power of attorney form, however, will not continue if you become incapacitated. Please note: If you complete a financial power of attorney, you are called the principal. The person(s) you name as your representative is called the agent or the attorney in fact.
 

Power of Attorney Forms in Michigan

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Think About an Advance Directive

While you're in the process of considering a financial power of attorney, you may want to consider a more comprehensive approach toward both your finances and health care in retirement.

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There is no better time than today to ensure that, not only your financial representative is named, but also that your future health preferences are known, respected, and honored.

 

It's difficult for anyone to make decisions when diagnosed with an illness or faced with an end-of-life situation. It's far easier to start a conversation with your loved ones about what to do in the future while you're healthy. There are so many decisions to make, like:

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• What kind of care do you want to receive.

• Where will you receive healthcare.

• Who can make medical decisions for you if you're unable to make those decisions.

 

Though it may be initially uncomfortable, the early conversations with your loved ones ensure your values are respected and understood. Deciding these difficult things in advance lessens the burden on family members during times of great stress.

 

A conversation is a great beginning, but a more formal document, known as an advance directive, will clearly state your wishes about a course of medical treatment should something happen to you.

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There are typically two parts to an advance directive:

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• A living will states your desire regarding life-sustaining medical treatments. Although a living will is not legally binding in Michigan, it lays the groundwork for the types of decisions you've made and gives direction to your loved ones about your wishes. 

• A durable power of attorney for healthcare will name someone to make medical decisions for you if you aren't able to make those decisions for yourself. This person is known as the patient advocate.

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Recent studies revealed that about 75% - maybe even as high as 90% - of people do not have an advance directive in place. Lack of awareness is cited as the most prevalent reason people have not completed one.

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The advantages, however, are clear: You can get the medical care you want and avoid unnecessary suffering. You also lessen the burden on caregivers to make decisions for you and reduce confusion or disagreement about your choices.

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Although advance directives are not absolutely necessary, we strongly encourage you to consider completing an advance directive. It will give you and your loved ones peace of mind that you are facing your future with confidence and dignity.

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External Planning Resources

Myths and Facts About Health Care Advance Directives
The document prepared by the Commission on Law & Aging provides clear answers to what's true and what's not true regarding advance directives.

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Planning for Your Peace of Mind: A Guide to Medical Legal Decisions
This booklet, though not a substitute for legal advice, can help you organize the information about your personal, financial, and medical information for your family.

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CaringInfo
This website from the National Hospice and Palliative Care Organization contains information about advance care planning, caregiving, hospice and palliative care, and grief and loss. The site also has files to use in completing an advance directive. The files for filling out an advance directive in Michigan can be found here.

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Blue Cross | Blue Shield | Blue Care Network
This section of the Blue Cross Blue Shield of Michigan website contains answers to frequently asked questions about advance directives. The site also provides links to the kinds of forms necessary for completion of your advance directive.

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The Conversation Project
The Conversation Project website states they are “dedicated to helping people talk about their wishes for end-of-life care.” Click Get Started at the top of the page for ideas as to how to begin a conversation with your loved ones about end-of-life care.

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State of Michigan. (2024). Power of Attorney and Advance Directive Resources.  Office of Retirement Services, State of Michigan. https://www.michigan.gov/orsschools/after-retirement/power-of-attorney-and-advance-directive-resources