Burnsville and Minnetonka, Minnesota, Power of Attorney Lawyer
A power of attorney is to financial matters what a health care directive is to medical care. A power of attorney is a legal document that names someone as your "agent" to make decisions and act on your behalf. There are two types:
- A general power of attorney authorizes your agent to handle all your business and financial affairs
- A special or limited power of attorney authorizes your agent to make only specific decisions on your behalf.
As long as you are mentally competent, you may withdraw your power of attorney at any time. To learn more about powers of attorney and health care directives or to discuss your legal needs with an experienced and trustworthy Minnesota lawyer, please contact our law firm, G. Martin Johnson, Ltd., Attorney at Law, in Burnsville or Minnetonka for a free consultation. We welcome your call.
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Some of the matters that may be covered by a power of attorney include:
- Using your assets to pay your day-to-day expenses
- Managing your Social Security, Medicare and other retirement benefits
- Managing transactions at banks and other financial institutions
- Managing your real estate holdings and other investments
- Preparing, filing and paying your taxes
- Retaining an attorney to represent you or your estate in court
Durable Power of Attorney
A general power of attorney is typically used by people who are themselves competent but nevertheless want assistance in managing their financial affairs. Perhaps you winter far from Minnesota and need someone here to deal with financial matters in your absence. A general power of attorney expires when you become incapacitated or incompetent.
A durable power of attorney, like the name suggests, endures or remains in effect should you become incapacitated or incompetent. If you are married and have not established a durable power of attorney, your spouse may have some limited authority to manage your affairs. If you have a joint bank account, he or she may pay bills out of the account. But eventually a court proceeding to establish a guardianship or conservatorship may be necessary.
For people who are unmarried, both a power of attorney and health care directive are extremely important.
Experience You can Trust • South of the River Law Firm
To discuss these or other important matters regarding wills, trusts and estate-planning, talk to a lawyer you can trust. Please contact G. Martin Johnson, Ltd., Attorney at Law, for a free consultation. Our law firm serves individuals and families throughout the Twin Cities metropolitan area.
