What is a Power of Attorney, and Do I Need One? | O'Keeffe O'Brien Lyson Attorneys

What is a Power of Attorney, and Do I Need One?

A power of attorney is a legal document that gives a designated individual, known as an attorney-in-fact or agent, the authority to act on behalf of another person. The laws for appointing a power of attorney vary from state to state.

Who Can Create a Power of Attorney?hammer-719066_1920

To create a power of attorney document in North Dakota, an individual must:

  • Be at least 18 years old
  • Be of sound mind and able to make decisions
  • Sign the document, along with either a notary public or two witnesses

For a power of attorney to be valid in North Dakota, it must be in writing and signed.

Power of Attorney Designations

In North Dakota, you may designate a power of attorney as “general,” granting broad powers to control any or all of the following:

  • Financial decisions and banking transactions
  • Entering safety deposit boxes
  • Giving gifts of money
  • Buying and selling property
  • Entering into contracts
  • Exercising stock rights
  • Filing tax returns

Besides a general power of attorney, there are various other types of limited powers of attorney that can appoint an individual or organization to act in a certain capacity, depending upon the powers defined in the document.

In North Dakota, a power of attorney can be durable or nondurable. A nondurable power of attorney automatically terminates when the principal becomes unable to make his own decisions or becomes otherwise incapacitated. A durable POA survives the principal’s incapacity and the agent may still make decisions on his behalf.

If you need legal advice regarding designating a power of attorney, contact a business lawyer at O’Keeffe O’Brien Lyson Attorneys online, or call 701-235-8000 or 877-235-8002 (toll-free) today.