Minnesota has specific structure to its power of attorney form. Even minor deviations from the statutory requirements can bring into question its validity. Part of the reason the form is so specific is the extreme importance of the document. What does the power of attorney document actually do though?
The power of attorney creates a fiduciary duty in your assigned attorney in fact. That fiduciary duty means the attorney in fact must act at all times in your best financial interests. That same person has, upon signing of the power of attorney, the authority to engage in all the transactions you authorize in the document. For example, the attorney in fact can sell your car, can go to the bank in Lino Lakes and withdraw money from your account, and the like. The primary caveat being the overarching fiduciary duty owed to you. The attorney in fact must engage in all those transactions because they are in your best interests. Money taken out of the bank in Lino Lakes cannot be used for a personal vacation to Duluth -- you as the grantor gains no financial benefit from that trip.
If you question whether someone is abusing their powers or want to know if a power of attorney document is right for you, please call for a no fee consultation.
