Financial Power of Attorney

A Power of Attorney form is a written authorization for a person to handle property or financial matters for another individual. The person signing the Power of Attorney form and giving someone power over his or her assets is called the "principal." The person named to handle the principal's assets is called the "attorney-in-fact."

You can name one or more persons to act as your attorney(s)-in-fact. You can require the attorneys-in-fact to act jointly, meaning that they must agree on all decisions and both sign all documents related to your financial affairs. In the alternative, you can allow either attorney-in-fact to take over, should the attorney-in-fact you name die, become incapacitated, resign, or otherwise be unwilling or unable to serve as your attorney-in-fact.

You can designate an expiration date for the powers on the form. If there is no expiration date stated, the form will continue to be in effect until your death, or until you revoke the form. The Power of Attorney form can be revoked at any time, while you are competent, by a notarized written revocation form. A copy of this written revocation form should then be given to your attorney-in-fact, and to any third party who might be relying on the form. In addition, you must designate on the form whether you want the powers given to the attorney-in-fact to continue even if you become incapacitated or incompetent. This makes the form a "Durable" Power of Attorney.

The Power of Attorney form indicates a series of powers you can give to the attorney-in-fact, including power over real estate, personal property items, stocks, bonds, bank accounts, business transactions, and any insurance matters. You can choose to give the attorney-in-fact power over all of these matters, or just restrict the power to certain matters.

The form takes effect the date you sign it, however, while you are still competent, you have the right to control your own property and assets. To provide safeguards, you can indicate on the form that the attorney-in-fact is required to give periodic accountings to you, or to another interested party.

You should be sure the person or persons you choose to be your attorney(s)-in-fact are trustworthy, and willing and able to handle the responsibility of managing your financial affairs, should you become incapacitated. A Financial Power of Attorney should eliminate the need for the appointment of a conservator or guardian in the future. The appointment of a conservator or guardian is costly and requires annual accountings to probate court.

If you would like us to prepare a Financial Power of Attorney for you, please complete the following questionnaire:

Attorney-in-Fact: (If married, most name spouse.)	Successor Attorney-in-Fact:
*Your Name (required)
*Your Email (required)
Name	Name
Address	Address
Relationship	Relationship
Can your Attorney-in-Fact transfer assets to themselves? Yes No

Lange Law Firm, P.A.
Highland Bank Building, 5270 West 84th St, Suite 300, Bloomington, Minnesota 55437-1385
Phone: (952) 837-1900, Fax: (952) 835-2236, Email: info@willandtrust.com