What is a power of attorney?
A power of attorney is a signed document giving another person the legal authority to act on your behalf with respect to your assets. A power of attorney should be included in every estate plan as it can be used for a wide variety of tasks and is useful in planning for incapacity. Minn. Stat. § 523.23 contains Minnesota’s standard power of attorney form.
How can I make a power of attorney?
Choose a person you trust, as they will have control of your assets.
What is a durable power of attorney?
A durable power of attorney is effective immediately upon you signing the document.
Do I need to do a power of attorney?
A power of attorney does have its benefits; the benefits include avoiding or delaying a guardianship or conservatorship proceeding, appoints an attorney in fact who can take care of financial matters, and it is helpful in emergency situations.
How does the power of attorney work?
If you become incapacitated, your attorney in fact would be able to handle your financial affairs when you cannot. Or if you need an attorney in fact because of a temporary change of location and you need someone else to handle your financial affairs in your absence.
Once a power of attorney is signed, it is valid and can be used. You can control its use by maintaining the possession of the document.
Who should be my attorney-in-fact?
Choose your attorney in fact carefully; someone you trust and someone who is willing to act on your behalf. There is no court supervision over attorneys in fact.
Can I stop a power of attorney?
Yes. A power of attorney can be terminated by death or revocation.