A Minnesota general power of attorney (GPOA) lets individuals grant financial decision-making powers to agents. These documents are useful for principals who don’t want the granted authority to continue if they become incapable of making decisions independently. This general POA will expire on its own, ensuring that the agent can’t misuse their authority.
While this form is active, the agent can make decisions depending on the principal’s guidelines and restrictions. They might be able to make investments, manage bank accounts, and handle insurance matters.
Authority (MN Statutes § 523.23) – An agent can exercise authority as the principal outlines in their agreement. They must abide by any restrictions the principal establishes.
Signing Requirements (MN Statutes § 523.01) – The principal’s signature alone is sufficient when signing their document. However, if the principal is an adult, they can designate someone to sign the form on their behalf if a notary public is present. Even if the principal signs it themselves, they should still have a notary public validate it.
Presumption of Durability (MN Statutes § 523.07) – A general POA isn’t automatically durable in Minnesota. The document must contain durability language to last after the principal becomes incapacitated.