A Minnesota general power of attorney is a legal form that authorizes an individual (the “agent” or “attorney-in-fact”) to make financial decisions for someone else (the “principal”). The attorney-in-fact will act on the principal’s behalf and perform actions such as managing property, paying bills, collecting money, depositing checks, and making charitable donations. All transactions executed by the attorney-in-fact must be recorded in accordance with § 523.21 and made available to the principal upon request. If the principal would like this power of attorney to be non-durable (i.e., terminate upon their incapacity or incompetency), they must select the applicable option presented at the bottom of page 2. The form becomes valid once signed by the principal in the presence of a notary public.
Durable Power of Attorney – The financial powers granted through this document are “durable” and will remain in effect if the principal becomes incapacitated or incompetent.