Minnesota General (Financial) Power of Attorney Form
A Minnesota General (Financial) Power of Attorney is a non-durable legal contract used for transferring temporary financial management powers to a single individual. Said person is known as the “agent” and can be anyone the principal wants, so long they agree to carry out the specific tasks required. The form is limited to monetary-related roles, such as handling bank accounts, real property, or even one’s business. Being non-durable, it is rendered void should anything happen to the principal that alters their decision-making capabilities. After signing the document, the agent will have their powers go into effect immediately. A common reason for using the form is if someone will be away, and they the peace of mind knowing someone they trust can manage their assets in their absence.
Laws: Ch. 523
Signing requirements (§ 523.01): Must be notarized.
Definition of incapacity: “..means cause for appointment of a guardian or conservator of an adult under sections § 524.5-101 to § 524.5-502”
Terminating the POA (§ 523.09): According to state law, a non-durable power of attorney will terminate in the event:
- The principal dies;
- The principal becomes incompetent/incapacitated;
- The POA reaches its expiration date (if any); or
- If the principal has their agent be their spouse, and their marriage has proceedings for dissolution, separation, or annulment.