Power of attorney in Otsego, Minnesota allows one person to make certain decisions for another, under certain conditions. There are various reasons why one might grant power of attorney. However, most of them revolve around the possible incapacitation of the person granting the power - so that their wishes can be carried out even if they become unable to express them.
The principal can state in advance the scope and nature of the attorney-in-fact's authority. The agreement should be very clear on this matter, so you give the attorney-in-fact enough authority to carry out your instructions, but not more than they need in order to accomplish your objectives. Furthermore, the attorney-in-fact should be someone you trust, such as a family member or life partner. You also need to be aware of the fact that your unique situation, as well as the actions you want the attorney to be able to take on your behalf, will help determine the most effective arrangement.
One very common reason for granting power of attorney is that the grantor believes that they might become incapacitated, due to age or illness, in the relatively near future, and they want to make sure that their preferences relating to care at the end of their life are followed. Of course, if nobody knows what that person's preferences are, and the patient is unable to express them, family members and doctors will simply have to guess. Obviously, there's a good chance that they could get it wrong. Therefore, you should make your desires well-known to those who will be in a position to implement it, and grant, in writing, a person you trust (such as a spouse, life partner, sibling, or adult child) the power to carry out your wishes, if necessary.
Generally, you can find forms in Otsego, Minnesota that let you easily draft a power of attorney document. However, if a large amount of money is at stake, or you wish to grant very specific and limited powers, you should probably consult with a lawyer beforehand.
Types of Power of Attorney Arrangements in Otsego, Minnesota
Power of attorney in Otsego, Minnesota takes 3 main forms. Which one is appropriate for you depends on your individual situation. They are:
1. Limited power of attorney - this is probably the most limited type of power of attorney. It lets someone act on your behalf in a single instance. It is used most often in large sales transactions involving a written contract. If the closing of the deal is set to take place far away from where one of the parties is located, they can give limited power of attorney to someone who is closer. All you have to do is give that person the authority to act on your behalf in this one transaction. This authority automatically expires once the deal is finished.
2. Durable power of attorney - unlike limited power of attorney, this does not automatically expire, and can last as long as the principal wishes. It can also be revoked by the principal. For example, if you want someone to handle your financial affairs for a time, you can give them the relevant authority in your power of attorney agreement, and it will last as long as you want it to. Of course, you should only give such power to someone you trust.
3. Springing power of attorney - this is a form of power of attorney which doesn't actually take effect until the occurrence of some specified event. This event can be anything, but it is often the principal becoming disabled. You should be aware, though, that it is not always clear what "disabled" means in such an agreement, which can result in disagreements, resulting in litigation.
Can a Otsego, Minnesota Lawyer Help?
Because there are sometimes complicated issues involved in setting up power of attorney in Otsego, Minnesota, you should consult with a lawyer beforehand. You can tell the lawyer all of the relevant details about your particular situation, and your goals, and he or she will be able to advise you on the best course of action.