 | Minnesota Durable Financial Power of Attorney Form |
The Minnesota durable financial power of attorney form is a legal document that will permit a Principal to designate an Agent to perform unsupervised acts with regard to personal and real property belonging to the Principal to include bank accounts and financial accounts of any kind.
It is strongly recommended that the Principal take the time to carefully review the document’s contents, inasmuch as this document will allow broad and sweeping acts by the Agent selected. If the language of the document is remotely unclear, the Principal should consider a consultation with an attorney to acquire a clear understanding of what the Principal will be signing.
The Principal will have the opportunity to state when the document shall begin. This document must be notarized before it will become effective. The Principal may revoke this document at their discretion by placing notice to the Agent into writing and delivering it to the Agent.
How to Write
Step 1 – The Parties – Enter:
- The Principal’s full name and address
- Enter the name and address of the Agent/Attorney In Fact
- Provide the name(s) and addresses of up to two Successor Agents in the event the first Agent becomes unwilling or unable to serve
- In the “Notice” section, check the box that the Principal would believe to be appropriate
- Under “Expiration Date”, the Principal does have the ability to provide a date of expiration of the document. Enter the specific month, day and year that the Principal would like the document to expire, releasing all Agents from their responsibilities to the Principal
Step 2 – Specify Agent Powers – Check the following boxes that would apply. If the Principal would like to exclude any of the powers listed, simple place an “N” on the preceding line:
- Regarding real property and transactions – Check the box if this will be a selection and would like to limit the power only to the county in which it’s situated
- Enter a legal description of the property but do not enter the street address
- Check any of the boxes before the desired powers to be granted B through N
- Indicate whether or not the Principal would like the Agent(s) to be continue with the granted powers if the they should become incapacitated and are unable to communicate their wishes
- Read the paragraphs then check the applicable boxes. As selections are made, complete any information within the selection (if any)
Step 3 – Notarization –
Once the notary has witnessed the completion of the document they shall complete their required information, affixing the official notary seal (if any) in acknowledgement
Step 4 – Drafting of the Document and Specimen Signatures –
- Enter the name of the person who has drafted the document
- Each Agent may provide specimen signatures
Step 5 – Titled Sections – The Principal must review all of the following:
- Notice to Principal
- Read the Notice Carefully
- Purpose
- Powers Given
- Duties of Your Agents
- Termination
- Once the sections have been reviewed by the Principal, they must initial the line at the end
Step 6 – Notice for Agents –
- The Agent(s)/Attorney(s) In Fact must review 1 through 7
