General Durable Power of Attorney for Property and Finances or Financial Effective upon Disability
Pursuant to Section 30-5-10-4 of Title 30, Chapter 10, a power of attorney terminates on the death of the principal. However, actual knowledge of the death of the principal is required to terminate. According to section 30-5-10-3, a power of attorney is not terminated by the incapacity of the principal. Moreover, the incapacity of the principal who has previously executed a power of attorney that terminates on the principle’s incapacity does not revoke or terminate the power of attorney as to the attorney in fact or other person who, without the actual knowledge of the incapacity of the principal, acts in good faith under the power. Pursuant to Section 30-5-10-1, an executed power of attorney can be revoked only by a written instrument of revocation. However a revocation is not effective if the attorney in fact has actual knowledge of the revocation. Furthermore under Section 30-5-10-2, power of attorney gets automatically terminated at the specified date and time described in the power of attorney. Under Section 30-5-3-3 of Title 30, Chapter 3, an attorney in fact can act under a power of attorney without recording the power of attorney with the county recorder. However an attorney in fact should record the power of attorney authorizing the execution of a document that must be recorded before presenting the document for recording. A document creating a power of attorney should comply with all the recording requirements, which includes but is not limited to notary and preparation statements.