Friday, February 21, 2014

Do You Need a New Form Power of Attorney?

FILE UNDER: LAND OF 10,000 LAKES
As of January 1st, the Minnesota statutory short form power of attorney changed. The changes are mainly to provide notice to those acting on your behalf of their duty to act in your best interest and the limitations on their power. It also informs the person signing the power of attorney, what powers they're giving and how to revoke it if something goes wrong.

Under the new statute, the old form is no longer valid as a statutory form and should no longer be used to create a new document. However, power of attorney documents using the old form and signed before January 1st are still valid documents.