How to Draft a Power of Attorney in Minnesota Estate Planning

How to Draft a Power of Attorney in Minnesota Estate Planning

Creating a Power of Attorney (POA) is an essential step in Minnesota estate planning. It allows you to designate someone to make decisions on your behalf in case you become incapacitated. Here’s a comprehensive guide on how to draft a Power of Attorney in Minnesota.

Understanding the Types of Power of Attorney

In Minnesota, there are primarily two types of Power of Attorney:

  • Durable Power of Attorney: This remains effective even if you become mentally or physically incapacitated.
  • Non-Durable Power of Attorney: This ceases to be effective if you become incapacitated.

It’s crucial to determine which type suits your needs before drafting your document.

Selecting an Agent

Your agent, also known as your attorney-in-fact, will have the authority to act on your behalf. It's vital to choose someone you trust, as they will have significant control over your financial and legal affairs. In Minnesota, your agent must be at least 18 years old and mentally competent.

Drafting the Power of Attorney Document

When drafting your Power of Attorney, consider including the following elements:

  • Your Information: Include your full name, address, and phone number.
  • Agent’s Information: Provide the same details for your chosen agent.
  • Powers Granted: Specify what powers you grant to your agent, such as managing bank accounts, signing checks, or making medical decisions.
  • Effective Date: Indicate when the Power of Attorney becomes effective. It can be immediately or specified to become effective upon incapacitation.
  • Revocation Clause: State your right to revoke the POA at any time, as long as you are competent.
  • Signatures and Witnesses: Sign the document in the presence of a notary public and at least one witness, as required by Minnesota law.

Notarization and Final Steps

In Minnesota, having your Power of Attorney notarized is strongly advised, even if not strictly required. Notarization adds a layer of credibility and helps prevent disputes about the document’s validity. After signing and notarizing the document, distribute copies to your agent, any institutions with which your agent will be dealing, and keep a copy for your records.

Regular Review and Updates

Your estate planning needs may change over time due to life events such as marriage, divorce, or the birth of a child. Regularly reviewing and, if necessary, updating your Power of Attorney ensures that it reflects your current wishes and circumstances.

Seeking Professional Assistance

Although you can draft a Power of Attorney on your own, consulting with an estate planning attorney can provide peace of mind. An attorney will ensure the document meets all legal requirements and aligns with your overall estate planning goals.

Creating a Power of Attorney is a proactive step in safeguarding your future. By following the guidelines above, you can draft a POA that reflects your wishes, provides for your loved ones, and protects your interests in Minnesota.