How to Get Financial Power of Attorney in Minnesota: A Comprehensive Guide

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.

It’s a simple way to give specific powers to a person you choose, called an “agent” or “attorney-in-fact.

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.

An Image of Financial Power of Attorney in Minnesota
How to Get Financial Power of Attorney in Minnesota. Photo Source (Freepik)

What Types of Powers of Attorney Are Available in Minnesota?

In Minnesota, you can create two main types of POAs in your estate plan:

  1. Financial POA: This lets someone manage your money and business affairs.
  2. 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:

  1. Mental Capacity: You must be of sound mind when creating the POA. If you’re unsure, consult a lawyer.
  2. 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.
  3. 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

In Minnesota, you can make a POA using a form provided by the state.

You can also hire a Minnesota lawyer, but it’s more expensive.

When making a POA, you choose specific powers for your agent, like handling real estate, banking, or insurance.

If you want the POA to last even if you can’t make decisions, it must clearly say so.

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)).

3. Store the Original POA in a Safe Place

Once you finish the POA, keep the original in a safe place where your loved ones can find it easily.

It’s important that they know where it is.

If you become unable to make decisions, your attorney-in-fact may need the original POA to act on your behalf.

4. Give a Copy to Your Attorney-in-Fact or Agent

Also, give a copy of the POA to your attorney-in-fact so they know what it says.

5. File a Copy With the Recorder’s Office

If you let your attorney-in-fact handle real estate, file a copy of your POA in the land records office (recorder’s office in Minnesota) where your property is.

This way, the office knows your attorney-in-fact can sell, mortgage, or transfer your real estate if needed.

6. Consider Giving a Copy to Financial Institutions

You can also give copies of your durable financial POA to banks or other institutions your agent may need to work with in the future.

This can make things easier for your agent if they ever need to use the POA.

An Image of Financial POA
Steps to Get Financial POA. Photo Source (Freepik)

Who Can Be Named an Attorney-in-Fact (Agent) in Minnesota?

You can choose any capable adult as your attorney-in-fact, but consider if they’re trustworthy and nearby.

It’s better to have one agent to avoid conflicts, but you can name a backup successor attorney-in-fact.

When Does My Durable Financial POA Take Effect?

Your POA should say when it starts.

Usually, it starts right away.

In Minnesota, it can start only after a condition, like a doctor saying you can’t make decisions.

But this kind of POA is usually not a good idea.

When Does My Financial Power of Attorney End?

A power of attorney ends when you die.

A durable POA also ends if you revoke it, no agent is available, or a court says it’s invalid.

In Minnesota, if your spouse is your agent and you divorce, their authority ends, but your POA stays valid.

If you named a successor, they become your agent instead.

Conclusion

A power of attorney (POA) is an important document that lets you choose someone you trust to manage your money or make medical decisions for you if you can’t.

In Minnesota, there are specific rules to follow. You need to understand the types of POAs, the rules, and how to do it right.

Planning ahead and picking the right person can make sure your wishes are respected if you can’t make decisions.

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