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 power of attorney
An important wedding gift to give yourselves, as newlyweds, is peace of mind that you’ve left your new spouse in the best situation possible should tragedy occur to one of you.
What steps foster that peace of mind? » Read more..
Each type has advantages and disadvantages.
A key advantage of the statutory short form (“statutory form”) is that it is typically easily recognized by financial institutions because the language and definitions are set out in Minnesota’s statutes, and the statutory form is the type most commonly used. Because the powers granted under the statutory form can be restricted or can be broad, it works well for most individuals. » Read more..
Your estate plan — like your car — needs a tune-up occasionally.
If you don’t get that tune-up, either your estate planning goals may not be met, and/or you may be paying hundreds — if not thousands — more for legal services and/or other costs than would have been the case if you had timely asked a lawyer to review your estate plan and suggest necessary adjustments based on current laws and your current goals. » Read more..
What you need for an estate plan varies with each life stage or milestone. Here are some examples of estate plan considerations for Minnesotans at various ages and life stages/milestones:
Age 18: If you are a young adult you should have a Health Care Directive and Durable Power of Attorney because incapacity can strike at any time. The Health Care Directive will enable your hand-picked agent to make decisions regarding your body, and the Durable Power of Attorney will enable your hand-picked representative to handle your financial affairs. » Read more..
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..
A safe deposit may work well for storage of your estate plan documents if a second person is also registered with the bank as a joint holder of the box.
Why is a joint registration a good thing? In Minnesota, the joint holder is allowed to gain access to the safe deposit box after your death, and to remove part or all of the contents. » Read more..
What can an agent named under a Minnesota Durable Power of Attorney document do that a trustee can’t do? » Read more..
Sometimes it’s hard for family members to get the conversation started regarding estate planning, so try these questions as an aid to this important discussion:
- Do you have a Will?
- Do you have a Health Care Directive? » Read more..