The Minnesota statutory durable power of attorney is a document that gives an agent, or “attorney-in-fact,” the authority to make financial decisions on behalf of a principal (the individual being represented). There are many powers of attorney that can be granted to the agent, including the ability to control bank accounts, investments, real estate, business decisions, and expense payments. The agent is required by law to act in the principal’s best interests and will be held personally liable for any action made in bad faith. If the principal becomes incapacitated, the agent’s authority continues to be effective and shall remain so until the principal dies or the power of attorney is otherwise revoked.
Agent’s Duties – § 523.21
Signing Requirements (§ 523.01) – Notary Public
Statutory Form – § 523.23
Statute – § 523.07
A power of attorney is durable if it contains language such as “This power of attorney shall not be affected by incapacity or incompetence of the principal” or “This power of attorney shall become effective upon the incapacity or incompetence of the principal,” or similar words showing the intent of the principal that the authority conferred is exercisable notwithstanding the principal’s later incapacity or incompetence.