Powers of attorney are estate planning documents that can be established now to help address situations that can arise in the future. There are two types of powers of attorney. Financial powers of attorneys are used when an individual is no longer able to make decisions about their finances due to illness or injury. Power of attorney for delegation of parental authority or designation of temporary custodian gives another person authority to make decisions regarding the care, custody, or property of your minor child(ren).
At Martin & Wagner, P.A., our estate planning lawyers talk to you about your needs, goals, and specific concerns. We discuss how powers of attorney can be beneficial for you under Minnesota law. Many of our clients establish powers of attorney in conjunction with health care directives, formerly known as living Wills which address your medical care preferences.
Our skilled estate planning attorneys can advise you on the two types of powers of attorney and what is best for your situation. You can give someone power of attorney if you are traveling outside the country or in another similar scenario, but most often powers of attorney are established to address incapacity. The two types are as follows
Principal: the person who creates the power of attorney document
Attorney-in-Fact: The person who is given decision-making authority by a Principal.
The attorney-in-fact needs to be a competent adult. It is advisable that you choose someone you trust who is knowledgeable about your wishes regarding financial matters and the care of your children. You can name two attorney-in-facts: one person as attorney-in-fact for your financial decisions and a different person as attorney-in-fact for the temporary care of your children. Choosing to name the same person to serve both roles should be given careful consideration. To avoid abuse of the authority (having sole control over both the finances and the children), it is generally better to name different individuals for those positions of authority. If you have difficulty deciding who to ask to be your attorney-in-fact, our power of attorney lawyers can help you with that difficult decision.
Martin & Wagner, P.A., offers a free ½ hour consultation with our experienced estate planning lawyer who can advise you on your Power of Attorney.
From our Rogers law office, we provide legal representation to clients throughout the Greater Twin Cities area including but not limited to , Albertville, Anoka, Buffalo, Elk River, Maple Grove, Minneapolis, Monticello, and St. Michael and other communities within Hennepin County, Wright County, Sherburne County, Stearns County and Anoka County.