The key is to select carefully the person that you name as your agent – known as your “attorney-in-fact”. Despite the label “attorney-in-fact”, the person that you appoint cannot act as your attorney. Nor does the person that you name need to be a lawyer. » Read more..
Tag Archive for attorney-in-fact
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..
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..
What can an agent named under a Minnesota Durable Power of Attorney document do that a trustee can’t do? » Read more..
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..