Can I eSign Minnesota General Power of Attorney Template

Can i document type e sign general power of attorney template minnesota

today we're going to talk about powers of attorney and give a general overview on what a power of attorney is and can be my name is gregory singleton i'm an estate planning and probate attorney located in minneapolis minnesota i work for signature law which is an estate planning a probate law firm that serves the twin cities in greater minnesota alike just a reminder if you liked today's video feel free to like and subscribe the to the channel below it sure helps support the channel so what i've noticed a lot is that there's quite a bit of confusion about what a power of attorney is and why we need it for estate planning so to kick this off i guess we should talk about what a power of attorney is and it is essentially a document that allows someone to step in your shoes to make financial decisions for you when you become incapacitated now we're talking about a financial power of attorney there's a couple different types of powers of attorney but today we're just going to focus on the financial power of attorney now the person who steps in your shoes to make the financial decisions for you is called your attorney in fact or you can just call them your agent their authority lasts from the point that the authority begins until it the authority is termed or until you die it's important to note that a power of attorney cannot have any effect after you die all the authority goes away so that's when we have to turn to a will or turn to a trust or some other document to manage your affairs when we're thinking of a power of attorney there are five different categories in which to break down a power of attorney there's the purpose there's durability there is the scope trigger and term i hope you can read my handwriting uh so the purpose of the finding finance of excuse me of a power of attorney will be uh we're talking about here a financial power of attorney but there's also powers of attorney for medical and there's powers of attorney for guardianship today we're talking about financial primarily durability is basically breaks down into durable and non-durable powers of attorney a durable power of attorney allows the attorney in fact to have authority while the individual is incapacitated and unable to rescind their power of attorney if you have a non-durable power of attorney the second you go into a coma or become incapacitated of some sort the power of attorney loses its authority so in estate planning we're focused more on the durable power of attorney the third category is the scope and this for a financial power of attorney breaks into two categories there's the limited power of attorney and there's the general power of attorney the general power of attorney just has broad powers it can handle any financial transaction that you have the limited financial power of attorney can be limited as much down to as one transaction so sale of a property or something in general we're going to be for the estate planning purposes we'll be talking about a general power of attorney however some strategies use multiple limited powers of attorney that covers everything for instance you could have a power of attorney that just handles your business affairs and a power of attorney that handles everything else the fourth category is the trigger and this is uh when the authority of a power of attorney begins there is immediate and there is a springing power of attorney in an immediate power of attorney the authority to handle all your financial affairs starts the second the power of attorney is signed now that can be a little bit scary we may not want somebody else to have full authority to go into our bank accounts our investment accounts go into our business affairs and change things around so what we have is called a springing power of attorney here the authority springs when a certain event happens such as the event that's most common in estate planning is when you become incapacitated usually it's by having a couple doctors certify or verify that you've become incapacitated that way if it's durable and springing and starting when you're incapacitated the authority only starts and lasts while you are incapacitated the fifth category to break down powers of attorney is the term without writing if you write a term in minnesota you have to write the month date and year that the power of attorney authority ends if you don't have a turn term a the authority ends when you die now there is a question and i haven't been able to find the answer to this is if you can have an event be the point that the power of attorney terms such as if you become non-incapacitated become capacitated i guess whether you can have that as the point that the authority ends realistically if you come out of a coma you can immediately just rescind your power of attorney and that would term the power of attorney as well in minnesota we have these what's called a statutory short form power of attorney now the reason this is important is there's a law that says that you must a financial institution must recognize the authority of a statutory short form power of attorney which can be important if you just have your attorney draft a power of attorney there is a chance there's a chance that a financial institution will say i don't respect that power of attorney i'm not going to respect its authority and i won't let the attorney in fact make changes to the account that's a bad situation if you're incapacitated so the challenge with the statutory short form power of attorney is it's an immediate power of attorney it is not springing so as soon as you draft that document you're giving someone else authority over your all of your financial affairs or a limited number of financial affairs however you you can be limited or not limited in the statutory short form power of attorney so how do we have a springing power of attorney that we make sure that financial institutes will honor our institutions will honor there's three strategies you can take one is you can just sign the statutory short form power of attorney and hope for the best two you can have your attorney draft a power of attorney and again hope for the best that your financial institution will honor it and there's a pretty good chance that they will the third thing you can do and this is probably the best idea is to go to your financial institution ask them for their form or their language that is required for a power of attorney bring that to your attorney and have them draft the power of attorney with the financial institution's language if you do that then the financial institution will certainly honor i would hope the power of attorney and you've taken care of the problem you won't have the protections of the statutory power short form power of attorney but you will have the the protections that it is the language from the financial power from from the financial institution so there you have it that's an overview of powers of attorney if you liked today's video please feel free to like and subscribe below if you have any questions ask them in the comments and i'll try to get to them otherwise until next time this is gregory singleton with signature law