MI HB5188

Requires a person designated as attorney in fact under a durable power of attorney to sign a written acceptance of the designation before exercising any authority.

The written acceptance must acknowledge 11 specific obligations and rights, including acting in the principal's best interest, keeping the principal informed, and maintaining records of all transactions.

Prohibits the attorney in fact from making gifts of the principal's property unless specifically authorized, and requires keeping principal's assets in separate accounts.

Establishes that the attorney in fact must use the principal's property only for the principal's benefit, provide accounting upon request, and may be held financially responsible for unauthorized transactions.

Allows the attorney in fact to hire professional advisors and receive reasonable compensation for services, subject to court scrutiny.