6 Myths About Power Of Attorney You Need To Stop Believing In Minnesota

Understanding power of attorney (POA) can be daunting, especially with the myths and misconceptions surrounding it. Here, we address six widespread misunderstandings about POAs in Minnesota to set the record straight.

Myth #1: Will A Power Of Attorney Allow Someone To Change My Will Without My Knowledge?

This is unequivocally false. A POA grants someone authority to manage financial or healthcare matters, but it does not include the power to alter your will.

Minnesota law requires that the person whose will it is must sign it in the presence of two witnesses who can attest that they are of sound mind. Only you can decide the contents of your will, and only you can authorize and sign any changes.

Myth #2: Is It True That My Power Of Attorney Is Invalid If I Move To Another State?

Mostly false. A POA created in Minnesota remains valid, but it may not automatically comply with the laws of your new state.

While a POA from one state is often honored in another, complications can arise due to differences in state laws or misunderstandings at financial institutions. Consulting an attorney in your new state is advisable to ensure seamless recognition or to draft a new, locally compliant POA for added convenience.

Myth #3: Once I Appoint A Power Of Attorney, Is Their Role Permanent?

Not at all. Revoking a POA is straightforward, and Minnesota even provides an official revocation form. However, a written letter should suffice.

To ensure your revocation is effective, notify all relevant parties, such as financial institutions or agencies that have the POA on file. Without this notification, they may continue to honor the original POA. Additionally, institutions may face liability for unjustly refusing to honor a valid POA, so clear communication is key.

Attorney Kathleen Gomez is a meticulous lawyer based in Minnesota who has helped countless clients just like you navigate the intricacies of estate planning. She is dedicated to keeping everyone informed of their rights and preventing costs and conflicts from ruining legacies.

Need to go over your estate plan? Contact Kathleen Gomez to schedule an initial consultation today.

Myth #4: Is Having A Power Of Attorney Only For The Elderly?

Absolutely not. A POA can be vital for anyone who may need assistance managing transactions, whether due to temporary absences, business needs, or unexpected situations. For instance, a POA can facilitate real estate purchases while you are out of state or help handle urgent matters if you are detained or incapacitated. It’s an essential tool for anyone—not just seniors—to safeguard their interests and plan for unexpected events.

Myth #5: Does Having A Power Of Attorney Mean I Lose Control Over My Financial Decisions?

No, appointing someone as your attorney-in-fact under a POA does not strip you of your control. Instead, it authorizes an individual to act on your behalf when needed. You retain decision-making power unless a court determines you are legally incapacitated and appoints a guardian or conservator. Typically, a POA serves as a safeguard to support you, not override you.

Myth #6: Do I Need A Power Of Attorney If I Have A Will?

A will ensures your wishes are followed after your death, but it has no effect during your lifetime. A POA complements your estate plan by enabling someone to manage your affairs if you become incapacitated. Without one, your loved ones could face legal obstacles to make decisions for you, potentially leading to costly court proceedings. Moreover, a comprehensive estate plan that includes a POA can help address complex situations, such as leaving assets for someone with special needs or earmarking funds for specific purposes like education.

Still Have Questions? Ready To Get Started?

For more information on Powers Of Attorney Designations In Minnesota, an initial consultation is your next best step. Get the information and legal answers you are seeking by calling (763) 284-5552 today.