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The Louisiana Durable (Financial) Power of Attorney secures a principal-agent relationship where the appointed party (known as the “mandatary”) will have the ability to carry out acts for the document’s executor. More specifically, these acts will revolve around the principal’s financial resources/responsibilities, such as property (real & personal), banking, insurance, benefits, taxes, legal matters, etc. To effect this instrument, the issuing party must transcribe details concerning the participants, the scope of the authority, and any restrictions on the powers provided. Upon supplying all the necessary data, it is recommended that the principal sign the document in the presence of two (2) witnesses or a notary public.

Laws

Statute – “In the absence of contrary agreement, neither the contract nor the authority of the mandatary is terminated by the principal’s incapacity, disability, or other condition that makes an express revocation of the mandate impossible or impractical.” (§ 3026)

Definition – “A mandate is a contract by which a person, the principal, confers authority on another person, the mandatary, to transact one or more affairs for the principal.” (§ 2989)

Signing Requirements – Acknowledgment of Two (2) Witnesses or Notary Public Recommended