A power of attorney (POA) is a document that allows someone you trust to do things like depositing your checks, filing your taxes, or selling your home for you.
A durable power of attorney (POA) lets someone handle your money and assets if you can’t.
Learn how to get financial power of attorney in Minnesota with this comprehensive guide.
Understand the process and requirements for setting up a durable power of attorney to manage financial matters in case of incapacity.
What Types of Powers of Attorney Are Available in Minnesota?
In Minnesota, you can create two main types of POAs in your estate plan:
- Financial POA: This lets someone manage your money and business affairs.
- Health Care POA: This allows someone to make medical decisions for you. In Minnesota, this is part of a “health care directive” that also includes your wishes for medical treatment.
These POAs are called “durable,” which means they stay valid even if you can’t make decisions.
It’s a good idea for most people to have these documents to plan for unexpected events.
What Are the Legal Requirements of a Financial POA in Minnesota?
For your POA to be valid in Minnesota, it must meet these requirements:
- Mental Capacity: You must be of sound mind when creating the POA. If you’re unsure, consult a lawyer.
- Notarization: While not legally required unless someone else is signing for you, it’s strongly recommended. Many banks will ask for notarization before accepting a POA.
- Agent’s Signature: The agent must sign an acknowledgment, showing they understand their duties. This can be done when the POA is used.
Steps for Making a Financial Power of Attorney in Minnesota
1. Create the POA Using a Statutory Form, DIY Program, or Attorney
2. Sign the POA in the Presence of a Notary Public
After signing the POA, have it notarized.
If needed, you can use a remote online notary public in Minnesota.
This means the notary will verify your identity and notarize your POA using real-time audio and video technology (Minn. Stat. § 358.645 (2023)).