Minnesota Durable Power of Attorney (Financial)

Last Updated: 6/11/2015

Document Description

A thorough estate plan means ensuring that the future for you, and your loved ones is secured. And while you have probably already considered what you want to happen to your assets after you’re gone, you may not have thought about events – such as an injury or illness – may make it impossible for you to handle your assets while you’re still living. That’s why it’s important to create a durable financial power of attorney.

A financial power of attorney, just like a medical power of attorney, allows someone of your choosing to make decisions for you if you are unable to do so. If you become incapacitated, you’ll need someone to handle matters such as taking care of taxes or paying for your care. You might also need someone to pay insurance premiums and apply for government services, including Social Security, on your behalf. In short, any monetary matter that needs your attention now will require your attention later, even if you’re not the one to do it.

In the Minnesota Durable Financial Power of Attorney, the authority to make these and other decisions is given to the attorney-in-fact (or agent) by you, the principal. Because it’s durable, the authority continues even if you become incapacitated, and you can revoke the authority whenever you wish. You might want to name more than one person to serve as your attorney-in-fact. Keep in mind that in Minnesota, if your spouse has been appointed and you divorce, your spouse’s authority will automatically end.

With this document, you are able to name your attorney-in-fact, indicate which financial decisions they are able to make and have it signed by witnesses and a notary. And because all the forms you create on ezEstatePlanner will be securely stored in your ezEstatePlanner Vault, they are easily accessible if and when you need to make changes.

The Minnesota Judicial Branch maintains a website with information about the state’s legal system. Visit www.mncourts.gov.

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