How to Get Financial Power of Attorney in Montana: A Guide

A durable power of attorney in Montana lets someone handle your money and financial tasks if you can’t.

This person called your “agent” or “attorney-in-fact,” can do things like depositing your checks, filing your taxes, or selling your home for you.

Learn how to get a financial power of attorney in Montana with this comprehensive guide.

Discover the steps to appoint an agent and manage your financial matters effectively.

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How to Get Financial Power of Attorney in Montana. Photo Source (Freepik)

What Kinds of Powers of Attorney Can You Get in Montana?

In Montana, you can make two types of POAs:

  1. A POA for finances lets someone handle your money and business matters.
  2. A POA for health care allows someone to make medical decisions for you.

These POAs stay effective even if you’re unable to make decisions.

It’s a good idea to have these documents in case of unexpected events.

What Legal Requirements Does a Financial POA in Montana Have?

To be valid in Montana, your POA must follow these rules:

  1. Mental Capacity: You must be of sound mind when creating the POA. If you’re unsure, ask a lawyer.
  2. Notarization: While not required, it’s recommended. Notarization makes your POA stronger and is often needed by banks. If your POA involves real estate, it must be notarized for recording.

How to Make a Financial Power of Attorney in Montana

Here’s how to make a financial power of attorney in Montana:

  1. Choose a form, use software, or hire a lawyer to create your POA. You’ll grant your agent powers or select specific ones you want them to have, like managing real estate or handling financial transactions.
  2. Sign the POA in front of a notary public, which is recommended in Montana.
  3. Keep the original POA in a safe place that your family can access.
  4. Give a copy to your agent or attorney-in-fact.
  5. If your POA involves real estate, file a copy with the land records office.
  6. Consider giving a copy to any financial institutions your agent might need to deal with.

Who Can be Named as an Agent (attorney-in-fact) in Montana?

You can choose any capable adult to be your agent, but consider if they’re trustworthy and where they live. It’s usually better to have just one agent to avoid conflicts.

Having a backup agent, called a “successor,” is a good idea in case your first choice can’t fulfill their role.

When Does My Durable Financial POA Become Effective?

Your POA is usually active right away unless you specify a future date.

You can also make it effective only after a certain condition is met, like if a doctor says you’re unable to make decisions.

But this “springing” POA isn’t often recommended.

When Does My Financial Power of Attorney Expire?

Your power of attorney ends when you die.

A durable POA also ends if:

  • You cancel it, which you can do at any time if you’re able to make decisions.
  • There’s no one available to be your agent, so it’s good to have a backup.
  • A court says it’s not valid, which is rare but can happen if the court decides you weren’t able to make decisions when you signed it, or if there was fraud or pressure.

In Montana, if your spouse is your agent and you get divorced, their authority ends, but your POA stays.

Your backup agent then becomes your agent.

Conclusion

In Montana, a durable power of attorney lets someone manage your money if you can’t.
This guide explains how to make one, including choosing someone to help you and handling your finances.
Montana has two types of POAs: one for money and one for healthcare, both staying effective even if you can’t decide.
To make a financial POA, you can use a form, software, or a lawyer. Pick someone you trust and who’s capable to help you.
While a POA usually starts right away, you can make it start later, but it’s not often recommended.
Your POA ends when you die or if you cancel it, there’s no one to help, a court says it’s not valid, or if your spouse, who’s your helper, gets divorced.
It’s smart to have a backup person ready.

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