Michigan replaced its durable power of attorney law. The Uniform Power of Attorney Act (2023 PA 187, MCL 556.201 to 556.505) took effect July 1, 2024 and repealed MCL 700.5501 to 700.5505 — the sections most older articles and templates still cite. The current statutory form lives at MCL 556.401, and it carries two powers you will not find in neighbouring states' forms.
What changed in 2024
Michigan moved its financial power of attorney out of the Estates and Protected Individuals Code and into a stand-alone Uniform Power of Attorney Act. The act supplies a statutory form (MCL 556.401), an agent's certification (556.402), and a certification of validity (556.403).
If a form you have been handed cites 700.5501, it predates the change.
Thirteen subjects, initialed one at a time
The Grant of General Authority lists thirteen subjects, and an 'All Preceding Subjects' line that grants every one at once — with the parenthetical note that it applies regardless of whether any preceding subject was initialed.
- Real Property; Tangible Personal Property.
- Stocks and Bonds; Commodities and Options.
- Banks and Other Financial Institutions.
- Operation of Entity or Business; Insurance and Annuities.
- Estates, Trusts, and Other Beneficial Interests; Claims and Litigation.
- Personal and Family Maintenance; Benefits from Governmental Programs or Civil or Military Service.
- Retirement Plans; Taxes.
Nine specific-authority items, not seven
Most Uniform Act states list seven powers in the separate Grant of Specific Authority block. Michigan lists nine, and the two extras matter.
One is access to the content of electronic communications — Michigan's route to letting an agent read email and messages, which sits here rather than among the general subjects. The other is authority over a 'bank, securities, or other financial account in a foreign country' within the meaning of 31 CFR 1010.350.
The form's own caution warns that granting the foreign-account power may subject your agent to burdensome federal reporting obligations carrying stiff penalties. That is the statute talking, not us.
Signing: notary or witnesses
MCL 556.205 gives a choice. The power of attorney must be either acknowledged before a notary public or another individual authorized to take acknowledgments, or signed in the presence of two witnesses who also sign.
A witness may not be an agent nominated in the power of attorney.
Frequently Asked Questions
Is MCL 700.5501 still the law?
No. 2023 PA 187 repealed MCL 700.5501 to 700.5505 effective July 1, 2024. Michigan financial powers of attorney are now governed by MCL 556.201 to 556.505.
Can my agent read my email?
Only if you initial the 'access the content of electronic communications' line in the Grant of Specific Authority block. It is not part of the general subjects.
What is the foreign-account warning about?
Granting authority over a foreign financial account under 31 CFR 1010.350 can create federal reporting obligations for your agent, with substantial penalties. The statutory form says so on its face.
Do I need a notary and witnesses?
One or the other. MCL 556.205 accepts acknowledgment before a notary, or signing in front of two witnesses who also sign. A witness may not be a nominated agent.