Protect Yourself With a Financial Power of Attorney
If you become incapacitated, who will access your bank account? Who will ensure your bills are paid? A financial power of attorney gives someone else legal authority to make decisions about your money when you cannot. FindLaw provides low-cost financial power of attorney forms that can be completed at your convenience. Use our guided process to customize, print, and sign your document, fast!
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Do I Really Need a Financial Power of Attorney in Minnesota?
If you do not have a financial power of attorney and become u003ca title=u0022Definition of Incapacityu0022 href=u0022https://dictionary.findlaw.com/definition/incapacity.htmlu0022u003eincapacitatedu003c/au003e, a court may need to intervene and appoint someone to take care of your finances for you. The court process can be expensive, and it can cause stress for your loved ones. Take control by creating a financial power of attorney today.
Minnesota Financial Power of Attorney Options
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Financial Power of Attorney
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How It Works
The process takes less than an hour, and you can complete it from the comfort of your home.
Answer Some Questions
Decide who your agent will be and what authority you want them to have. Then, simply answer a few questions.
Create an Account
Creating an account is easy, quick, and secure. Save your information as you go and return when you have time.
Complete Your Document
Once you answer the relevant questions, we do the hard part and create your unique document.
Print, Sign & Make It Legal
Print and sign your document following the instructions. This may include signing in front of witnesses or a notary.
How To Get a Minnesota Financial Power of Attorney
If you want a power of attorney or health care directive, you can hire an attorney, or you can make your own by using our forms that comply with Minnesota laws.u003cbru003e See full process
Understand how a financial POA works in Minnesota
A financial power of attorney is a legal document. It allows a person (the u003ciu003eprincipalu003c/iu003e) to give another person (the u003ciu003eattorney-in-factu003c/iu003e) the power to make decisions on the principal’s behalf. Decisions or actions by an attorney-in-fact using a power of attorney are legally binding on the principal.rnrnIn Minnesota, powers of attorney are used for financial matters and property. If you want someone to make health care decisions for you, you will need a u003ca href=u0022https://www.findlaw.com/forms/living-will-form.htmlu0022u003ehealth care directiveu003c/au003e.
Decide how much power your attorney-in-fact should have
Powers of attorney can give broad or limited powers. How much authority you give depends on your reasons for having a power of attorney.rnrnWhen creating a power of attorney, make sure it is broad enough to allow your agent to pay your bills and care for your property if you want your agent to act when you are incapacitated. If you want a financial power of attorney for limited purposes (such as to manage your bank account), make that clear in the document.
Choose your attorney-in-fact
An attorney-in-fact should be someone who makes good financial decisions. They also should be comfortable reading and filling out forms and dealing with attorneys, banks, and financial institutions.rnrnAn attorney-in-fact must be 18 years old.rnrnYou can name more than one attorney-in-fact to serve together, but you must clearly state if they need to make decisions together or independently. You should name one or more alternate attorneys-in-fact to take over when your original choices are unavailable or unable to serve.
Find a form that complies with Minnesota law
If you use a generic online form to create a financial power of attorney, it might not comply with Minnesota law. Make sure you get your form from a reliable source. We offer easy to use power of attorney forms that walk step-by-step through the questions you need to address in your financial POA.
Sign your form with the correct number of witnesses
Deliver your signed form to the right people
After you sign your financial power of attorney, give copies to people who need it. Deliver your power of attorney to your attorney-in-fact. You also can give copies to banks and businesses that you want your attorney-in-fact to deal with.
You May Want to Speak With a Lawyer if:
- You don’t know who to choose as your agent
- You want to use a POA for Medicaid planning
- You want to discuss which powers you should give your agent
- You want legal review of your completed power of attorney
Ready to get started on your financial power of attorney? It’s free to start.Create My Form
Minnesota Power of Attorney FAQ
Powers of attorney are flexible documents. You can create different types that are tailored to your needs. In Minnesota, you can create the following types of powers of attorney.rnrnu003cbu003eDurable power of attorneyu003c/bu003ernrnIf you want someone to take care of your money and property when you are incapacitated, you need a durable power of attorney. A durable power of attorney is not terminated by the principal’s incapacity. In Minnesota, your power of attorney must include one of the following phrases, or similar words, if you want it to be durable:rnu003culu003ern tu003cliu003eu0022This power of attorney shall not be affected by incapacity or incompetence of the principal.u0022u003c/liu003ern tu003cliu003eu0022This power of attorney shall become effective upon the incapacity or incompetence of the principal.u0022u003c/liu003ernu003c/ulu003ernu003cbu003eNondurable power of attorneyu003c/bu003ernrnIf you do not include the above phrases, your power of attorney will be a nondurable power of attorney and will terminate when you become incapacitated.rnrnu003cbu003eLimited power of attorneyu003c/bu003ernrnA limited power of attorney gives an attorney-in-fact limited authority. For example, you can create one for a specific transaction, dealing with a specific business, or managing a piece of property.rnrnu003cbu003eSpringing power of attorneyu003c/bu003ernrnIn Minnesota, your power attorney will be effective when you sign it and have it notarized unless you create a springing power of attorney. A springing power of attorney does not become effective until a later date or when a future event occurs.rnrnPeople often want to use springing powers of attorney for incapacity. This might sound like a great idea because your agent will only have power when you need them. However, using a springing power of attorney for incapacity can cause delay. Determining incapacity can take time, and your agent may have trouble proving to others that you are incapacitated.
Financial powers of attorney are simple forms to fill out. In many cases, people do not need a lawyer to help them create these documents. If you use easy-to-complete forms like the ones we offer, you should be able to make your own power of attorney.rnrnIf you cannot decide who your agent should be or are uncomfortable filling out a form, you can speak with an u003ca title=u0022Attorney Directoryu0022 href=u0022https://lawyers.findlaw.com/lawyer/practicestate/estate-planning/minnesota?fli=diyd:FL22u0022u003eattorney licensed in Minnesotau003c/au003e.
Yes, you can. To revoke a financial power of attorney, you must sign and date a written revocation and have it notarized. You should give copies to your attorney-in-fact, your banks and financial institutions, and any person or business your attorney-in-fact dealt with.
In Minnesota, a business or person must accept a financial power of attorney that is properly signed and notarized. However, they can refuse to accept your agent’s authority under your financial power of attorney if:rnu003culu003ern tu003cliu003eThey would not be required to do business with youu003c/liu003ern tu003cliu003eThey have actual notice that the power of attorney is revoked or terminatedu003c/liu003ern tu003cliu003eThe power of attorney is past its listed expiration dateu003c/liu003ern tu003cliu003eThey know you are deadu003c/liu003ern tu003cliu003eThey have notice that a court has found you legally incompetent, and your power of attorney is not durableu003c/liu003ernu003c/ulu003e
In Minnesota, you can help your elderly parents make a power of attorney or advance directive by using a form. You should discuss your parents’ goals and wishes with them and make sure they understand what they are signing.rnrnIf they are incompetent or do not understand what they are signing, make sure to speak with a u003ca title=u0022Attorney Directoryu0022 href=u0022https://lawyers.findlaw.com/lawyer/practicestate/estate-planning/minnesota?fli=diyd:FL22u0022u003eMinnesota licensed attorney.u003c/au003e If your parents are incompetent and sign a form, it will be invalid. An attorney can discuss options for obtaining a court-appointed guardian and conservator for your parents.
Attorneys in Minnesota can charge a wide range of prices for a power of attorney or health care directive. Many charge per document, but some charge per hour.rnrnUsing a form is less costly than an attorney, but you should use one that is made for Minnesota and easy to use, like the forms we offer.rnrnDisclaimer: FindLaw is not a law firm, and the forms are not a substitute for the advice or services of an attorney.
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