When creating an estate plan, you will need to know how to choose a power of attorney in Minnesota. This is an important decision that shouldn’t be taken lightly, as you never know when your power of attorney may be needed in the future.
Keep reading to find out how to choose a power of attorney in Minnesota and what responsibilities a power of attorney has in your estate plan.
What Is a Power of Attorney in Minnesota?
Before we discuss how to choose a power of attorney in Minnesota, you first need to understand what this term actually means. A power of attorney, or POA, is an individual who has the legal ability to make decisions on your behalf.
In most cases, a power of attorney has the authority to make financial and healthcare decisions. You also have the option of appointing a healthcare directive for more specific healthcare-related decisions for situations where you may become ill or injured.
Usually, a durable power of attorney is needed if you become mentally incapacitated and can no longer make decisions on your own behalf. If this happens, the POA will take over and become your decision maker, making decisions they believe align with your wishes and goals.
This is why it is so important to choose the right power of attorney since you are granting them legal authority to make decisions for you. You need to choose somebody that you trust to act with integrity and who will make decisions in your best interest.
Who You Can Choose to be Your Power of Attorney?
Although you have a lot of freedom when choosing a power of attorney in Minnesota, there are some power of attorney requirements you must follow. The good news is that Minnesota is very lax with these requirements, really only requiring that a power of attorney is a mentally competent person who is 18 or older.
As long as those two requirements are met, you can pretty much choose anybody to act as your power of attorney. This includes a spouse, adult child, friend, or professional fiduciary.
Qualities to Look for in an Agent
If you are in the middle of creating your estate plan, you may already have someone in mind to act as your agent for a POA in MN. However, before you officially make this decision and sign the documents, here are some qualities a POA should have:
- Trustworthy: You need to choose a POA who you know is trustworthy and will act with integrity. This is somebody who will prioritize your best interests and will act in a way that respects your wishes.
- Financially responsible: Because most POAs have authority to make financial decisions, you need to choose somebody who you know is financially responsible. They should have their own finances in order and have a basic level of financial literacy.
- Willingness to serve: It’s also a good idea to discuss the role of a POA with the person you are considering. You need to make sure they are available, have a willingness to serve, and can dedicate their time to this role.
- Decision-making abilities: Sometimes a POA will have decisions already laid out for them in your estate plan, but not all the time. So, you need to choose somebody who has good decision-making abilities and can understand the different options they may be presented with.
Potential Risks of Choosing the Wrong Person
There are some risks associated with choosing the wrong power of attorney or making too hasty of a decision. After all, you are handing over a certain measure of legal authority to this individual, so there is always the risk of them abusing it.
Here are some of the potential risks of choosing the wrong POA in Minnesota:
- Financial mismanagement
- Financial abuse
- Family conflict
- Legal complications
- Decision-making delays
Because of the risks involved in choosing a POA, it is strongly recommended that you speak to an estate planning attorney in Minnesota before you make a decision. They can help you evaluate your options to determine who is the most trustworthy and capable of handling this responsibility.
When to Review or Change Your Power of Attorney
The good news is that you have the ability to review and change your power of attorney, so this decision is not entirely final. And it is a good idea to regularly review your power of attorney to ensure the person is still a good fit and still able to fill this role.
You may also want to change your power of attorney if you have experienced significant life changes, such as a divorce, a relocation, or an illness. You should also be proactive and change your POA if you have any newfound concerns regarding the person you originally chose.
Get the Help of an Estate Planning Attorney Today
Knowing who should be your power of attorney in MN is an important decision that you will need to make before your estate plan is completed. Choosing the right person can help to give you peace of mind and greater control over your future, no matter what happens.
At the Waldron Law Offices, Ltd, our local estate planning attorneys are here to help as you create an estate plan to better prepare for the future. Contact us today at 952-471-0940 for a consultation.
FAQs
Can I name more than one person as my power of attorney?
Yes. However, this can lead to complications if they do not agree and cannot work together, so you should only do this in very specific circumstances.
Can a power of attorney be revoked in Minnesota?
As long as you are mentally competent, you have the right to revoke or update your power of attorney whenever you please.
Does a power of attorney continue after death?
No, the authority of a power of attorney officially ends at the time of death. This is because a power of attorney only has authority to make decisions on behalf of the person who gave them that authority. They don’t have authority over your entire estate.
