A Power of Attorney is a way for all of us to plan our future and preparing for the unexpected. This type of document is one of the most powerful tools you can include in your estate plan is a financial power of attorney.
In Minnesota, this legal document gives someone you trust the authority to manage your finances if you’re ever unable to do so yourself.
But powers of attorney aren’t one-size-fits-all. The protections and flexibility they offer depend entirely.
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What Is a Financial Power of Attorney in Minnesota?
A financial power of attorney (POA) allows you—the “principal”—to name another person (your “agent” or “attorney-in-fact”) to handle financial matters on your behalf. This may include managing your bank accounts, paying your bills, handling investments, or even selling property—but only if those specific powers are granted in writing.
It’s important to note that a financial POA does not give your agent the ability to make health care decisions. For that, you’ll need a separate document called a health care directive.
Choosing Your Agent: Who Can Act on Your Behalf?
You have full control over who you appoint as your agent. Most people choose a trusted family member or close friend—someone responsible, reliable, and who understands your wishes. Your agent must be at least 18 years old, and you can also name a backup (alternate) agent in case your first choice can’t serve.
This is a deeply personal decision, and the right legal guidance can help you consider not just who can serve, but who should.