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A Minnesota power of attorney is a legal document that provides the authorization for an individual, referred to as the agent or attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A Minnesota POA is a tool often used for estate planning. However, there are other instances where this document is a useful tool.
Quick Reference:
The person granting permission is referred to as the principal, donor, or grantor.
The person receiving the authorization is known as the agent or attorney-in-fact.
A Minnesota power of attorney is a power of attorney form that must comply with the State of Minnesota’s power of attorney statutes. Minnesota statutes specifically outline the parameters of a legally enforceable power of attorney and ensure that the form, as well as its duties, are protected under the law. Minnesota also has a statutory short form available from the Attorney General's office. In Minnesota, a power of attorney shall, according to the Minnesota Judicial Branch:
The principal has the legal right to state which powers the agent may and may not exercise on their behalf. They may also revoke (terminate) the power of attorney at any time as long as they are competent. Additionally, a POA is terminated when:
There are many reasons why a person would want to use a Minnesota power of attorney to give another person the power to make decisions related to their tangible personal property, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs may vary. Thankfully, there are many types of power of attorney documents to use, but you should seek legal advice before choosing. This helps ensure you choose the best POA for your needs. You should also ask about the process of revoking a POA in the event it becomes necessary. Here are the most common Minnesota powers of attorney.
General Power of Attorney
A general power of attorney grants an attorney-in-fact the ability to make decisions on the principal's behalf.
Durable Power of Attorney
A durable power of attorney is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Springing Power of Attorney
A springing power of attorney does not become effective the minute it is signed by the principal. Rather, a certain event must occur.
Limited Power of Attorney
A limited power of attorney grants limited power to whatever the principal specifies.
Health Care Power of Attorney
A healthcare power of attorney grants power to the agent to make important healthcare decisions on the principal's behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent or guardian to grant decision-making rights over their child to a temporary guardian in the case that the parent or guardian may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent allowing them to buy, sell, and manage real estate on the principal's behalf.
Tax Power of Attorney
A tax power of attorney, officially known as Form REV184b and Form REV184i, allows the agent, who is most often a qualified individual such as an accountant, to prepare and submit tax information to the Minnesota Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
A vehicle power of attorney allows the agent to buy, sell, and handle the necessary paperwork with the Minnesota Department of Public Safety on the principal's behalf.
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