That was the quick answer
Want the full picture, or help with your own plans?
General information from a recorded webinar, not legal advice for your situation.
What is a financial power of attorney?
Short answer
A financial power of attorney names someone, called an attorney-in-fact, to help with your finances. You choose which powers to grant, from managing bank accounts to selling property, so read the options carefully. You must be 18 and have capacity to sign it.
Key points
- Health care decisions now usually go in a health care directive.
- Minnesota's short form lists powers you can grant or withhold.
- Durable powers continue if you lose capacity.
Katie HestnessEducation Navigator, Lutheran Social Service of Minnesota · Guest presenter
Read this part of the transcript
So when we’re talking about power of attorney, we’re really usually talking about a financial power of attorney. This is a tool that allows somebody to name an attorney in fact to help them with their finances in whatever capacity they grant that authority. So again, the person does have to have a capacity to complete the document and be 18. And this example that we have on the slideshow, this is the short form from the attorney general’s website in Minnesota, and it literally has options like A through M of here are the things that you can grant authority to that attorney in fact for managing finances. So, anywhere from they can manage my bank accounts to they can sell my property on my behalf and everything in between.
Created automatically from the recording. Full transcript on the webinar page.
Related: Guardianships & ConservatorshipsSpecial Needs Planning All quick answers
Questions about your own plans?
Call (952) 925-4147 or send a message.
More quick answers
See all quick answers →
Full webinar
Supported Decision-Making: Less Restrictive Alternatives to Guardianship
Watch