What is Power of Attorney?
The basics of Fiduciary Law can be complex and if not understood properly can create serious liability issues. This is especially true when trying to understand and come to terms with fiduciary power of attorney.
A power of attorney is a written agreement that grants authority to someone to act on your behalf in legal or financial affairs. Typical fiduciary responsibilities include the acquisition, investment, reinvestment, exchange, retention, sale or management of money, property or other assets as well as paying bills or debts.
The Power of Attorney is a document authorizing the person named therein to act as the agent for the person signing the document, often referred to as the “attorney-in-fact” (proxy). A durable power of attorney remains in effect even if the principal becomes hindered. The ability of the attorney-in-fact to use the power of attorney terminates when the principal dies.
Medical Power of Attorney and Durable Power of Attorney Minnesota:
There are different types of power of attorney, such as a durable power of attorney or a medical power of attorney, which empowers the attorney-in-fact to make healthcare decisions for the grantor. Depending on the powers given, this may even include the ability to terminate care or stop life support. Other types of powers include consent, refusal or withdrawal of consent to any type of medical care, treatment, service or procedure. In some jurisdictions a medical power of attorney is also referred to as a “healthcare power of attorney” or “healthcare proxy.” As a result these three terms are sometimes used interchangeably.
General Power of Attorney Minnesota:
A power of attorney can be general. This is so the agent can conduct any sort of business on behalf of the principal. Whereas, if it were specific, it would be limited to the transactions expressly provided for in the document. Third parties may treat the agent as if he or she is the principal in any transactions which the agent is authorized to act.