Tag Archive for attorney-in-fact

Have a Trust? You Still Need a Power of Attorney

Given that both trustees and your hand-picked agent under your Power of Attorney document can deal with your financial matters, do you need both?

Yes! First, your trustee only has authority over your financial assets that are held in your Revocable Trust, and chances are not all of your financial assets are in your Revocable Trust. » Read more..

POA and Beneficiary Designations

Under Minnesota law, an agent given power of attorney (POA) authority cannot change the beneficiary designations made by the power grantor.

Minnesota’s statutory so-called “short form” power of attorney document may authorize the agent to act regarding beneficiary transactions, but there is no specific authority to select or modify beneficiary designations made by the power grantor. As an example of a transaction, the power grantor’s agent (officially called an attorney-in-fact) may accept or disclaim assets for which the power grantor was named as a beneficiary of someone else’s assets. » Read more..

You Need a Power of Attorney Document Even if You Have a Trust

What can an agent named under a Minnesota Durable Power of Attorney document do that a trustee can’t do? » Read more..

The Power Behind a Power of Attorney Document

A Power of Attorney document is a powerful document that should be used carefully and wisely.  It can be a useful tool, or it can be abused. » Read more..

When ‘Jointly Held’ Ignites Family Feuds

Trouble, rather than convenience, may result when Mom adds son Jimmy to a bank account or other asset — the so-called jointly held account. A better plan for enabling Jimmy to write checks and to take other actions on behalf of an aging or disabled Mom is for Mom to create a durable power of attorney document. » Read more..