MI SB0092

Requires durable powers of attorney to be dated and signed by the principal voluntarily, or signed by a notary public on the principal's behalf, effective October 1, 2012.

Mandates durable powers of attorney be either signed before two witnesses (neither being the attorney-in-fact) or acknowledged before a notary public with a certificate of acknowledgment.

Requires attorneys-in-fact to execute a written acknowledgment of responsibilities before exercising authority, detailing fiduciary duties, record-keeping requirements, prohibitions on gifts and joint accounts, and potential civil or criminal penalties.

Establishes fiduciary standards for attorneys-in-fact including duty to follow principal's instructions, provide accountings upon request, maintain transaction records, and potential liability for breach of duty except where exonerated in the power of attorney document (except for bad faith or reckless indifference).

Exempts from these new requirements durable powers of attorney executed before October 1, 2012, healthcare powers of attorney, business/commercial powers, governmental forms, and powers coupled with an interest or contained in loan or entity agreements.