Minnesota provides for the use of a Power of Attorney, which allows an individual to appoint an Attorney-in-Fact to exercise a wide range of powers over an individual’s financial matters. The Attorney-in-Fact may be specific to a particular issue, such as signing a deed to a particular piece of real estate or can be wide ranging, allowing the Attorney-in-Fact to act on a variety of financial matters. The Power of Attorney can be a durable Power of Attorney, meaning that it will remain in effect upon the incapacity of the person granting the Power of Attorney. The Power of Attorney will remain in effect for the time period stated in the document, or if no time limit is mentioned, the Power of Attorney will remain in effect until the death of the individual or the revocation of the Power of Attorney by the person making the Power of Attorney.
The statutory Power of Attorney is often less expensive, less time-consuming and less invasive of a person’s privacy compared to a Conservatorship proceeding. In conjunction with a Health Care Directive, a Power of Attorney can be a valuable lifetime safety net for an individual.
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