In Missouri, the statutory provisions governing power of attorney are found in Chapter 404 of the Missouri Revised Statutes. A power of attorney is a legal document that allows a person, known as the principal, to appoint another person, known as the agent or attorney-in-fact, to make decisions on their behalf.
There are several types of power of attorney in Missouri, including durable power of attorney, general power of attorney, limited power of attorney, and springing power of attorney.
A durable power of attorney is a power of attorney that remains in effect even if the principal becomes incapacitated. This type of power of attorney is often used to appoint an agent to manage the principal's financial affairs if they become unable to do so themselves due to illness or injury. A durable power of attorney must be in writing and must be signed by the principal in the presence of two witnesses.
A general power of attorney is a power of attorney that gives the agent broad powers to act on behalf of the principal. This type of power of attorney may be used to appoint an agent to handle all of the principal's affairs or to give the agent specific powers, such as the power to sell property or manage investments. A general power of attorney must be in writing and must be signed by the principal in the presence of two witnesses.
A limited power of attorney is a power of attorney that gives the agent specific powers to act on behalf of the principal for a limited purpose or period of time. This type of power of attorney may be used to appoint an agent to handle a specific transaction, such as the sale of a car or the closing of a real estate deal. A limited power of attorney must be in writing and must be signed by the principal in the presence of two witnesses.
A springing power of attorney is a power of attorney that takes effect at a specific time or upon the occurrence of a specific event. This type of power of attorney is often used to appoint an agent to manage the principal's affairs if they become incapacitated. A springing power of attorney must be in writing and must be signed by the principal in the presence of two witnesses.
Under Missouri law, an agent who has been appointed through a power of attorney has a fiduciary duty to the principal. This means that the agent must act in the best interests of the principal and must handle the principal's affairs with the utmost care and loyalty. The agent must also keep the principal informed of their actions and must keep records of their transactions on behalf of the principal.
If you have questions about a power of attorney or would like a power of attorney drafted please contact Apex Law Firm.
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