To draft a financial power of attorney in North Dakota, you must be legally competent, which means you must be of sound mind, be free to make your own decisions and at least 18 years old. If you give an agent a power of attorney, the agent should also be 18 or older and be able to make competent legal and financial decisions.
Make sure that you obtain legal assistance in drafting your financial power of attorney. Furthermore, you should be sure to appoint someone you trust to act as your financial power of attorney to reduce the possibility of a third party making self-serving financial decisions. In North Dakota the transfer of personal property or real estate to your attorney-in-fact without consideration is presumed as undue influence; therefore the transaction is invalid.
You should also draft the specific legal and financial powers that your agent will have to make decisions on your behalf. If you give your agent a general power of attorney, you can give your agent or attorney-in-fact broad discretion to make general financial decisions for you. However, you may also limit the scope of your agent’s financial authority to certain types of financial transactions. For example, if you want your agent to have the sole authority to sign checks on your behalf but not have the authority to enter into real estate transactions, you must specifically state such. Contact our office to help you draft a proper financial power of attorney.