• November 15, 2018

What to Know About Power of Attorney in Minnesota

What to Know About Power of Attorney in Minnesota

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If you believe you may soon need to appoint someone to have Power of Attorney (POA), the first thing you should do is contact an attorney who can help you through the process of obtaining it. If you are looking to become more familiar with Power of Attorney in Minnesota, and how to obtain it, this short guide can help give you some general background information on the process.

If you are outside of Minnesota, keep in mind that the laws will vary based on your state of residence.

What Exactly is Power of Attorney?

When someone is granted Power of Attorney over another person, they are put in charge of making decisions for the specified, or in some cases all, legal and financial matters for that person. It is an actual document that must be signed, and there are a few different types of Power of Attorney that grant different decision-making abilities. These can range from financial matters to healthcare decisions and many more.

Important note: unlike guardianships and conservatorships, Power of Attorney is not supervised by the courts. It is very important that you choose a person you can absolutely trust to handle this matter. You will be granting someone authority to make key decisions in your life. The good news is that you can be VERY specific as to which decisions they will be able to make and which areas where they will have no authority.

Another important point to keep in mind is that some financial institutions do not honor Power of Attorney. Make sure you check with the appropriate institutions to see their policies regarding POA.

Work with your attorney to draft up a Power of Attorney document that fits your needs. You can see the Minnesota Power of Attorney form here.

Can a Person be Paid for Power of Attorney?

In Minnesota, a person can generally be paid what is known as a “reasonable compensation” for the services they provide under Power of Attorney. However, you can draft up a POA document with an attorney that prohibits compensation.

Can Power of Attorney Ever Be Revoked?

A “mentally competent” person can revoke Power of Attorney in Minnesota at any time by submitting a written and notarized revocation. Your attorney can help you draft this.

What Types of Protection Are Available for Power of Attorney in MN?

Yes, there are forms of protection for people who are involved in Power of Attorney. If you would like to know more about your options, contact The Patrick J. Thomas Agency today.

 

Disclaimer: this is for informational purposes only and is not intended to be legal advice. If you need legal counsel, please contact an attorney directly.