Written by Benjamin Kingsley
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.
To form a valid financial power of attorney in Minnesota, one must adhere to the requirements set forth in Minnesota Statutes Chapter 523. The following steps should be taken to create an enforceable financial power of attorney document:
1. Choose an agent: The principal (the person creating the power of attorney) must select a trusted individual to act as their agent, also known as an attorney-in-fact. This person will have the authority to make financial decisions on behalf of the principal.
2. Determine the scope of authority: The principal must decide what specific financial powers to grant to the agent. Minnesota Statute 523.24 provides a list of potential powers that can be included, such as real property transactions, banking transactions, and tax matters. For example, the statute states: “In a statutory short form power of attorney, the language conferring general authority with respect to real property transactions shall be construed to mean that the principal authorizes the attorney-in-fact…” (Minn. Stat. § 523.24, Subd. 2)
3. Prepare the document: The power of attorney must be in writing and should clearly state the principal’s intent to grant authority to the agent. Minnesota law provides a statutory short form power of attorney that can be used as a template (Minn. Stat. § 523.23).
4. Include specific requirements: The document must contain the following elements to be valid under Minnesota law:
– The principal’s full name and address
– The agent’s full name and address
– A clear statement of the powers granted to the agent
– The effective date of the power of attorney
– A statement indicating whether the power of attorney is durable (remains in effect if the principal becomes incapacitated)
5. Sign and date the document: The principal must sign and date the power of attorney. Minnesota Statute 523.01 states: “A power of attorney must be signed by the principal or by another adult in the principal’s conscious presence and at the principal’s direction.” (Minn. Stat. § 523.01, Subd. 1)
6. Notarize the document: While not strictly required by Minnesota law, it is highly recommended to have the power of attorney notarized to enhance its authenticity and acceptance by third parties.
7. Provide copies to relevant parties: The principal should provide copies of the signed and notarized power of attorney to the agent, financial institutions, and any other relevant parties who may need to rely on the document.
By following these steps and adhering to the requirements set forth in Minnesota law, individuals can create a valid and enforceable financial power of attorney. It is important to note that while this information provides a general overview, consulting with a qualified attorney is advisable to ensure all legal requirements are met and the document accurately reflects the principal’s wishes.
Do you have questions about or need assistance with a power of attorney? Please click here to email us at contact@legalandme.com.
Do you need a power of attorney form? We make a do-it-yourself power of attorney: finance power of attorney or healthcare power of attorney.