The North Dakota Power of Attorney(PoA) remains unchanged since 1995. Although under North Dakota law, the legal authority given to one person by another is explicit in a PoA and is regulated under the North Dakota Power of Attorney Act.
North Dakota Durable Power of Attorney
The laws on a PoA in North Dakota apply to the agent given the legal authority to make financial decisions. Although, healthcare decisions fall under a different power of attorney form in North Dakota, known as a medical power of attorney.
Under a durable North Datoka PoA, the agent who also agreed to act as your legal authority can only do so if and “when the principal becomes disabled or incapacitated.” The authorization warrants them to perform a function on your behalf. In short, a durable power of attorney gives the ‘agent’ legal authorization to become your decision-maker on your behalf.
North Dakota General Power of Attorney
North Dakota power of attorney is also a General Durable Power of Attorney. If the principal can no longer make decisions independently due to a disability or illness, their agent will step in to make those decisions.
North Dakota Limited Power of Attorney
A Limited PoA allows the portfolio manager to sell or purchase assets, pay fees, and handle any necessary forms. However, they are unable to withdraw funds or change beneficiaries on the behalf of the principal.
North Dakota Medical Power of Attorney
A medical power of attorney or health care directive is an independent PoA. Under North Dakota law, principals should be of “sound mind” to comprehend an agent’s responsibility under a medical PoA.
North Dakota Minor (Child) Power of Attorney
A minor power of attorney North Datoka works when a parent, or legal guardian, permits another person to make choices or decisions on behalf of them for their children.
Frequently Asked Questions
Some common questions that many people have when it comes to a power of attorney include the following: