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A South Dakota power of attorney is a legal document that acts as the authorization for an individual, known as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A South Dakota POA is often used during the estate planning process, but there are other instances where a POA is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A South Dakota power of attorney must comply with Title 59 of South Dakota’s Codified Laws. The State of South Dakota established laws that must be followed to create a legally enforceable power of attorney to ensure that the form, as well as its duties and power over the principal, are protected under the law. Here are some of the state’s power of attorney requirements:
The principal has the ability to specifically state which powers the agent may and may not exercise on their behalf. The principal may also terminate (revoke) the power of attorney as long as they are not considered incompetent.
Additionally, South Dakota law states that a power of attorney is also terminated if:
There are many reasons why someone may want to use a South Dakota power of attorney form to give someone else the ability to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs may vary. Thankfully, there are different types of power of attorney forms available. Before you decide to use one, you should seek legal advice to determine which one is best for your needs. You should also ask a lawyer how to revoke a POA should it become necessary. Here are the most commonly used South Dakota power of attorney forms.
South Dakota General Power of Attorney
A general power of attorney grants an agent with the ability to handle matters on behalf of the principal.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it continues even if the principal becomes incapacitated.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the principal specifies.
Medical Power of Attorney
A medical power of attorney grants power to the agent to make important healthcare decisions on the principal’s behalf should they become incapacitated or unable to make such decisions.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known in South Dakota as Form RV-071, allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the South Dakota Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney, officially known as Form MV-008, allows the agent to buy, sell, and handle the necessary paperwork with the South Dakota Department of Motor Revenue on the principal's behalf.
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