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Minnesota Durable (Financial) Power of Attorney Form

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Minnesota Durable (Financial) Power of Attorney Form is often used for real estate planning purposes. Many would consider having such a document set into motion a wise precaution for those unfortunate situations where you may become unable to care for yourself or even make decisions in your own best interest. Unlike the general form of POA, this type of form remains in effect during your incapacity. Your doctor determines if you are considered incapacitated or not.

Laws – § 523.23

Health Care Directive (Medical POA) – This enables the Agent to make health care decisions for the Principal when the Principal is unable to accomplish this themselves.

How to Write

1 – Open the Authority Appointment Paperwork

The buttons on this page (under the paperwork’s preview image) will each open this form. Choose the button labeled with a compatible software type for your machine then, open it.

2 – Direct Principal Acknowledgment Is Required Before Filling Out This Form

The near the end of this paperwork will be a section titled “Notice To The Principal.” Before filling in this information, make sure the Principal has read this statement and provided his or her initials at the end of the passage to signify his or her acknowledgment. 3 – Introduce The Principal And The Determined Attorney(s)-in-Fact

The first page will have three headings aimed at documenting the individuals directly involved with the delegation and delivery of the Principal Powers named within it.

Just under the word “Principal” (in bold), enter the Full Name of the Principal on the first blank line presented. Use the next two blank lines to record the Residential Address of the Principal. The Principal will be the Grantor of Authority in this document. The heading “Attorney(s)-in-Fact” on the left side of the page requires a report on who is being granted the Principal Authority described here. If there is more than one Attorney(s)-in-Fact, the area below the available blank spaces will seek to define their level of dependence on one another. To begin, enter the Full Name and Residential Address of each Attorney-in-Fact the Principal intends to deliver Principal Authority to.

If there is more than one Attorneys-in-Fact, you will need to mark one of the statements below the Roster with an “X.” If each of the Attorneys-in-Fact may utilize Principal Authority independently (of the other) then place an “X” on the empty space before the first statement. If the Attorneys-in-Fact must act jointly or consult one another before utilizing Principal Authority then place an “X” on the blank space preceding the second statement.

The right side of the page will have a column titled “Successor Attorney(s)-in-Fact that is optional. That is, if the Principal has not elected to name any Successor Attorney(s)-in-Fact then, it may be left blank. However, if the Principal has decided to name individuals to succeed the Attorney(s)-in-Fact named on the left in the event one or more is unavailable to perform his or her duties, each one will need to be listed here to wield Principal Authority with known Principal Approval.

Below the Successor Attorney(s)-in-Fact section will be another Optional area. If the Principal wishes the Authority in this form to Terminate automatically on a specific date, then use the blank lines below the words “Expiration Date” to report the Month, Day, then Year on the blank lines provided (“Use Specific Month,” “Day,” and “Year Only”).

4 – Indicate The Authority Delegated To The Attorney(s)-in-Fact

There will be several Articles that will serve to describe the Authority delivered in this document to the Principal’s Attorney(s)-in-Fact. We will begin by specifying the Powers delivered here. Each of these Powers will be defined as a labeled list item (A through N). If the Principal only wishes to deliver some of the Authority described here, then go through the list and place an “X” on each blank space corresponding to the Authority being delegated to the Attorney(s)-in-Fact. If the Principal has decided to deliver all of these Powers to the Agents, then you will only need to place an “X” on the blank line appropriate to Item N. Otherwise, any Power not bearing an “X” will not be included in this delegation of Power.

If you mark Item (A) with an “X,” the Attorney(s)-in-Fact named above will be able to wield Principal Authority to engage in the Principal’s “Real Property Transactions” on behalf of the Principal. This item will require two additional definitions. The County where the Property the Attorney(s)-in-Fact may wield Principal Authority over and its Legal Description must be entered on the blank spaces preceding the word “County” and below the parentheses term “Use legal description…,” respectively. When you place an “X” on the blank space preceding Item (B), the Principal will grant the Attorney(s)-in-Fact with the Principal Authority to conduct “Tangible Personal Property Transactions.”The Principal Authority to represent the Principal in “Bond, Share, and Commodity Transactions” will be delivered to the Attorney(s)-in-Fact when there is an “X” placed on the blank space for Item (C) and the Principal signs this form. The “Banking Transactions” the Principal holds Authority over will be granted to the Attorney(s)-in-Fact with an “X” on the blank space preceding Item (D). Item (E) will empower the Attorney(s)-in-Fact to act with Principal Power regarding the Principal’s Business Operating Transactions” if it is marked with an “X.”If you mark the blank space preceding Item (F), the Attorney(s)-in-Fact will be able to conduct “Insurance Transactions” in the Principal’s Name. The Principal will empower the Attorney(s)-in-Fact with the Principal Power to engage in “Beneficiary Transactions” if Item (G) is marked with an “X” by the time the Principal signs this form. Item (H) will name the Attorney(s)-in-Fact as having the Principal Power to participate in “Gift Transactions” on behalf of the Principal once it is marked with an “X.”The Principal’s “Fiduciary Transactions” will be included with the Principal Powers delivered to the Attorney(s)-in-Fact through this form when Item (I) is marked. If the Principal has determined the Attorney(s)-in-Fact should have the Principal Power to handle the Principal’s “Claims and Litigation,” then mark the space preceding Item (J). The Attorney(s)-in-Fact will be able to conduct the Principal’s “Family Maintenance” with Principal Powers if Item (K) is marked with an “X” by the time the Principal signs this form. Item (L) delivers the Principal Power required for the Attorney(s)-in-Fact to act as the Principal regarding the Principal’s “Benefits From Military Service” if it is marked with an “X.”The Attorney(s)-in-Fact will have the same Authority the Principal possesses with the Principal’s “Records, Reports, and Statements,” if Item (M) is marked. Item (N) will automatically grant all the previous Principal Powers named above to the Attorney(s)-in-Fact if it is marked with an “X” and no other item is marked.

5 – Define The Durability Of This Authority’s Appointments

The Second Article provides the language to document the Durability of the Authority granted to the Attorney(s)-in-Fact. Locate the paragraph beginning with the word “Second.” Just below this will be two statements. Each of these statements will give a different definition to the Durability of this form. Place a mark preceding the statement that best defines the Principal’s preferences. If the Principal wishes the Principal Authority to remain assigned to the Attorney(s)-in-Fact even in the event he or she is declared incapacitated or incompetent, then mark the statement “This Power of Attorney Shall Continue.”

If the Principal prefers the Principal Powers defined here to be terminated if he or she is ever declared incapacitated or incompetent, mark the blank space preceding the words “This Power Of Attorney Shall Not Be Effective…”

6 – Attend To Minnesota Statutes, Section 523.24 and 523.21

The next two Articles (“Third” and “Fourth”) will seek a definition to whether the Principal wishes to expand on certain statutes. The first task will be to expand on the Principal’s stance with the Attorney(s)-in-Fact’s Principal Authority in “Gift Making” (Minnesota Statutes, Section 523.24). Locate the word “THIRD.” Below the information presented will be two statements, each with a blank space preceding it. Mark one of these blank lines to indicate which statement describes the Principal Approval.

If the Principal does not authorize the Attorney(s)-in-Fact to make gifts to themselves or those they are obligated to support, then mark the blank space preceding the first choice. If the Principal shall Authorize the Attorney(s)-in-Fact to use Principal Authority to make Gifts to themselves or those they are “legally obligated” to support, then mark the second blank line. You will also need to enter the Full Name of each Attorney-in-Fact the Principal wishes to empower in this manner. The Fourth Article will also provide two statements aimed at defining if the Principal will be satisfied with the requirements stated in Minnesota Statutes, Section 523.21. Place a mark next to the statement that shall apply to the Attorney(s)-in-Fact in this form.

If the Principal only requires an Accounting according to Minnesota Statutes, Section 523.21 (and upon request), then mark the first statement in the Fourth Article. If the Principal prefers regularly submitted Accounting Reports, in addition to that required by Minnesota Statutes, Section 523.21, then mark the second statement. Also, indicate if the Principal wishes a Monthly, Quarterly, or Annual Accounting, by entering the word “Monthly,” “Quarterly,” or “Annual” on the first blank line after the words “…must render.” Then enter the Name And Address where the Attorney(s)-in-Fact should deliver the required Accounting.

7 – Deliver This Document’s Execution With The Notarized Signature Of The Principal

Next, the Principal will need to enter the Date of Signature utilizing the blank lines presented in the statement. Make sure to enter the Two-digit Calendar Day, the written name of the Month, and the Two-Digit Year when he or she signs the blank line below.

The Principal should sign his or her Name on the “Signature of Principal” line. Directly after the Principal Signature will be a predetermined area for the Notary Public to provide the items required for Notarization.

There will also be an Attorney(s)-in-Fact Acknowledgement Statement just after the Notarization section. Each Attorney-in-Fact should read the paragraph beginning with “By signing below…” then sign his or her Name in using the blank lines on the right side of the page. The column in the left shall require the Name and Address of the individual who has filled out this form.