Signing Requirements
The principal is required to authorize in the presence of a notary public. The agent is required to sign, but their signature does not have to be acknowledged.[1]
Powers Granted
A principal may grant an agent the power to do any legal action that the principal is permitted to do through an agent. This may include things like:[2]
- Real property;
- Tangible personal property;
- Stocks and bonds;
- Commodities and options;
- Banks and other financial institutions;
- Operation of entity or business;
- Insurance and annuities;
- Estates, trusts, and other beneficial interests;
- Claims and litigation;
- Personal and family maintenance;
- Benefits from governmental programs or civil or military service;
- Retirement plans;
- Taxes; and
- Gifts.
“Durable” Definition
A power of attorney is durable if it contains language such as “This power of attorney shall not be affected by incapacity or incompetence of the principal” or “This power of attorney shall become effective upon the incapacity or incompetence of the principal,” or similar words showing the intent of the principal that the authority conferred is exercisable notwithstanding the principal’s later incapacity or incompetence.[3]
“Power of Attorney” Definition
The Minnesota Statutes do not define “power of attorney” other than to say that the term only applies to those that are validly executed, as explained in the signing requirements.[4]
Revocation
Unless the power of attorney itself determines when it terminates, a power may only be revoked by written instrument signed by the principal with notice delivered to the agent.[5]
Statutory Form
Yes, the State of Minnesota has a statutory form.[6]