SB 1148 Summary

• Enacts the Uniform Power of Attorney Act to standardize Michigan law governing powers of attorney, agent authority, and duties.

• Establishes that durable powers of attorney continue during principal incapacity if executed before a notary public or two witnesses, and requires agents to acknowledge their duties before acting under durable powers.

• Grants agents broad authority over property matters including real estate, financial accounts, business operations, insurance, retirement plans, and taxes unless power explicitly restricts specific actions.

• Imposes fiduciary duties on agents including acting in good faith, within scope of authority, maintaining records, and preserving the principal's estate plan to the extent consistent with the principal's best interest.

• Repeals MCL 700.5501-700.5505 (previous power of attorney provisions) and takes effect July 1, 2023, contingent upon passage of SB 1149 and SB 1150.