An Alaska general power of attorney (GPOA) is a legal document granting an individual, the “agent” or “attorney-in-fact,” the authority to act on behalf of the principal in various financial matters. This non-durable power of attorney becomes ineffective if the principal becomes incapacitated or unable to make decisions.
Conversely, a durable power of attorney remains valid even if the principal becomes incapacitated, ensuring the agent’s authority endures in managing the principal’s financial affairs as specified within the document.
Laws — Title 13 Chapter 26 Article 5 (Powers of Attorney).
Authority (Alaska Stat. § 13.26.610) – The agent must act in alignment with the principal’s reasonable expectations, or otherwise, in the principal’s best interest, exercising good faith and staying within the boundaries of the granted authority. They’re mandated to act loyally for the principal’s benefit, avoid conflicts of interest, and perform with the level of care, competence, and diligence expected in similar situations.
Signing Requirements (Alaska Stat. § 13.26.600) – If the principal is physically unable to sign the document themselves, they may direct someone else to sign in their conscious presence. This signature must then be acknowledged before a notary public or another authorized individual.
Presumption of Durability (Alaska Stat. § 13.26.675) – No, in Alaska, a GPOA is not presumed durable but allows for the creation of durability. If the power of attorney isn’t durable, it ends on disability. Nevertheless, according to § 13.26.625(a), the principal’s death or incapacity doesn’t revoke the agency for an agent or another individual who acts in good faith without being aware of the principal’s death or incapacity.
