Plan For Your Future, Your Finances And Your Family

A Power Of Attorney Is A Vital Tool For Minnesotans

Estate planning is associated with the distribution of assets after death, but it is equally essential for dealing with emergencies that may arise while alive. A power of attorney (POA) is a powerful tool in estate planning, and the experienced lawyers at Mortel Law, PLLC, can guide you in creating them.

With 20-plus years of estate planning experience, we help families in Oakdale, Minnesota, implement effective estate solutions. We understand the emotional strain of estate planning and the inevitable administration side and can help you manage your anxieties. Feel free to contact us here to get started.

Why Do You Need A Power Of Attorney?

A POA allows you to designate someone, either an agent or attorney-in-fact, to make important decisions on your behalf in case of incapacity due to illness, injury or other circumstances like mental incompetence.

Without a POA, your loved ones may face legal hurdles in gaining the authority to make financial, medical or other critical decisions on your behalf.

Myths Vs. Facts About Powers Of Attorney

Unfortunately, misconceptions about powers of attorney exist, often leading to confusion about their capabilities and limitations.

  • Myth: A POA only takes effect after you pass away.

Fact: A power of attorney can be used while you are still alive. It grants authority to your agent to act on your behalf if you become incapacitated.

  • Myth: A POA gives your agent the right to change your will.

Fact: A power of attorney does not allow your agent to alter your will, only to manage your affairs while you are alive and unable to do so.

  • Myth: Once a POA is signed, it cannot be revoked.

Fact: You can revoke or change your power of attorney anytime, as long as you are competent.

  • Myth: A POA is the same thing as a guardianship or conservatorship.

Fact: Unlike a POA, a guardianship or conservatorship must be court-ordered. A POA is a private agreement between you and your chosen agent.

Tailoring the POA to your specific needs with the help of an estate planning attorney is crucial to protecting your rights and interests.

Different Types Of Powers Of Attorney

There are multiple types of powers of attorney available in Minnesota. Understanding each type is crucial when building out your estate plan. Here’s an overview of the most common types:

  • Financial power of attorney: A financial POA allows your agent to manage all your financial affairs, including paying bills and debts, managing bank accounts and investments and filing your taxes. They can also buy and sell real estate or manage your business operations. You can arrange for a financial POA to have a limited set of tasks or assets, or you can set it up as a general POA that gives broad authority to your agent.
  • Medical power of attorney: A medical POA gives your agent the authority to make health care decisions on your behalf, such as consenting to or refusing medical treatment, selecting health care providers and facilities, accessing your medical records and making end-of-life care decisions.
  • Durable power of attorney: This type of POA stays effective even if you become incapacitated or disabled. It is used in conjunction with a medical or financial POA, meaning that your agent is able to manage your financial or medical needs if you become unable to make those decisions yourself.

In most situations, people have multiple powers of attorney to account for both their medical and financial needs. A durable power of attorney ensures your affairs are taken care of according to your wishes even if you become incapacitated. It’s crucial to understand how these tools work together to provide you with the best security for your future. Our Oakdale power of attorney lawyer is here to help you make informed decisions regarding your power of attorney and estate plan.

Take Control Of Your Future

Establishing a power of attorney helps protect your health care wishes and financial interests, leading to peace of mind and security. Call our Oakdale lawyers at 651-968-0815 to learn more about creating a strong estate plan.