199 Downloads

The Minnesota General (Financial) Power of Attorney is utilized by individuals who wish to grant powers to an attorney-in-fact, but don’t want the authority to continue if they become disabled and incapable of functioning independently. The list of authorities that can be selected from include (but are not limited to) banking, real estate, personal property, investments, benefits, insurance, and legal claims. After establishing which powers will be allocated to the agent, the principal will have to satisfy each requisite field with the corresponding details and sign the instrument as directed by law (in the presence of witnesses and/or a notarial officer).

Laws

Statute – § 523.09

Definition – “As used in this chapter, ‘power of attorney’ means a validly executed power of attorney.” (523.03(3))

Statutory Form – § 523.23

Signing Requirements – In the case of a signature on behalf of the principal, by another, or by a mark, the acknowledgment of a notary public is required (§ 523.01). Even if the principal signs the document directly, it is still recommended to have the document notarized.