Michigan Laws 556.218 – Agent’s resignation; notice
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Terms Used In Michigan Laws 556.218
- Agent: means a person granted authority to act for a principal under a power of attorney, whether denominated an agent, attorney-in-fact, or otherwise. See Michigan Laws 556.202
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Person: means an individual or corporation, including a fiduciary of an estate or trust, a business trust, partnership, limited liability company, association, joint venture, public corporation, government or governmental subdivision, agency, or instrumentality, or any other legal or commercial entity. See Michigan Laws 556.202
- Principal: means an individual who grants authority to an agent in a power of attorney. See Michigan Laws 556.202
Unless the power of attorney provides a different method for an agent‘s resignation, an agent may resign by notifying the principal if the principal is not incapacitated or, if the principal is incapacitated, by notifying the following persons, as applicable:
(a) If a conservator or guardian has been appointed for the principal, the conservator or guardian.
(b) If a coagent or successor agent has been designated, the coagent or successor agent.
(c) If there is not a person described in subdivision (a) or (b), 1 of the following:
(i) A caregiver of the principal who is reasonably believed by the agent to have a significant interest in the principal’s welfare or another person that is reasonably believed by the agent to have the significant interest.
(ii) Adult protective services.