Contact Amy buttonA competent individual over the age of 18 may grant a Power of Attorney at any point. Here are some times when granting a Power of Attorney should be considered:

Young adults should appoint an Attorney-in-Fact after their 18th birthday. If you become incapacitated without a Power of Attorney in place, there is no one in place to make decisions for you. Parents no longer have the legal authority to act on your behalf. Once married, spouses may act with respect to joint assets, but even a spouse’s decision-making ability will be extremely limited.

It is common for people to grant a Power of Attorney as they age, or when facing a serious medical issue.

People may also grant a Power of Attorney for a limited period or for a certain transaction only. For example, if a person is going to be traveling for an extended time, he may want to designate an Attorney in Fact to handle matters that come up while he is gone. Another example would be appointing a sibling to handle the sale of family property out of state.

What is a Power of Attorney?

A Power of Attorney is a document that grants legal authority to another person to make decisions on your behalf. The person giving the authority to make decisions on his or her behalf is called the Principal. The person to whom that authority is given is called the Attorney-in-Fact.

What are the powers of an Attorney-in-Fact under a Power of Attorney?

The powers granted under a Power of Attorney can vary. You may pick and choose the authority that you give to another person. Many times, the power given relates to banking and other financial transactions. Other common powers include handling real estate transactions, military benefits, dealing with insurance companies, or helping somebody manage their personal property.

How many powers of attorney can you have?

You should name either one or two individuals to serve as your primary Attorney-in-Fact. You may also name one or two successors to act if your Primary Attorney-in-Fact is not available to act.

What is the most powerful power of attorney?

The power of attorney is it’s kind of crazy because it’s a form document that anybody can prepare but the reality is it is an incredibly powerful document that I recommend that you have an attorney explain to you and go over all of the details of it.

Who has Power of Attorney after death if there is no Will?

Noone! A Power of Attorney is only effective during the Principal’s lifetime. When the Principal passes away, the authority granted under that Power of Attorney also dies.

Confusion about roles and responsibilities often arises because it is very common for a Principal to name the same person to serve under both a Power of Attorney and a Will or a Trust.

What decisions cannot be made by a power of attorney?

Healthcare decisions cannot be made under a Power of Attorney. In Minnesota, a correctly executed Healthcare Directive is required to give another person the legal authority to make medical decisions on your behalf. The Attorney-in-Fact cannot draft your Will. He/she cannot vote for you, initiate divorce proceedings or bring a lawsuit on your behalf.

The difference between POAs, and the way to use them for estate planning and elder care.

There are numerous versions of a Power of Attorney in Minnesota, including a Statutory Short Form Power of Attorney, a Common Law Power of Attorney, a Durable Power of Attorney, a Springing Power of Attorney, and a Power of Attorney for Child Care. A Power of Attorney may be limited or general. There may be time limits imposed on the Power of Attorney. Various factors must be considered to determine which Power of Attorney is best for your particular situation.

The Power of Attorney is a standard document in elder law, for single individuals and married couples alike. Many people become concerned about the possibility of losing their cognitive capacity and becoming unable to take certain actions on their own behalf as they age. Having a valid Power of Attorney already in place resolves that concern and ensures that the person you choose is the person who is authorized to make decisions on your behalf. In contrast, if no Power of Attorney is in place, it is very possible that a Conservator will need to be appointed to handle financial matters. Appointment of a Conservator is handled through a court proceeding and is much more complicated and expensive than preparing an effective Power of Attorney.

A Power of Attorney is a lifetime power; it expires when the Principal passes away. While “estate planning” addresses the transfer of assets following your death, it is common to have a Power of Attorney prepared in the estate planning process.