Powers described in a Power of Attorney form give another person the ability to act on behalf of another person. I like to call these “Super Powers” because they generally do not require verification from the grantor.
If you have attended one of my community education courses, then you know what I am referring to. If not, below is a short list of powers a grantor has the option of granting to their attorney in fact by using the form under Minnesota Statute 523.23.
Powers Under the Short Form
As referenced inside Form 100.1.1 and known as Minnesota’s Statutory Short Form Power of Attorney, the grantor can give their attorney in fact the ability to:
- Make real estate transactions,
- Transfer personal or tangible property,
- Manage bonds and commodities,
- Complete banking transactions,
- Make business transactions,
- Handle insurance issues,
- Make beneficiary transactions,
- Render fiduciary transactions,
- Seek litigation,
- Manage family maintenance,
- Handle military benefits,
- Record reports and records,
- Govern all other matters.
Each Ability Described
Of course, the above words and phrases do not mean much if the person trying to govern a responsibility doesn’t understand its scope. Luckily, Minnesota has an answer for that too.
For those curious, the construction of these terms are described thoroughly under Minnesota Statute 523.24. Additionally, please contact this law office for feedback regarding your specific situation.