A durable power of attorney is a legal document that a person (the principal, grantor, or donor) signs to appoint another person as the grantor’s agent or attorney-in-fact—with authority to make financial and property-related decisions on behalf of the principal—including transactions involving business interests, investments, insurance, taxes, bills, real estate, stocks, bonds, commodities, personal property, Social Security, Medicare, Medicaid, and other financial matters.

A traditional power of attorney is effective only while the principal has full mental capacity, but a durable power of attorney remains effective if the principal becomes physically or mentally disabled or incapacitated (incompetent) from a stroke, Alzheimer’s disease, an automobile accident, or other cause. In some states the legislature has provided a form durable power of attorney in a statute (law) and the document may be referred to as a statutory durable power of attorney.

In Minnesota, a durable power of attorney is a legal instrument that allows an individual (the principal) to designate another person (the agent or attorney-in-fact) to manage their financial and property affairs. This can include handling business interests, investments, insurance, taxes, bills, real estate, and other financial matters. Unlike a traditional power of attorney, which loses its validity if the principal loses mental capacity, a durable power of attorney remains in effect even if the principal becomes incapacitated due to conditions like stroke, Alzheimer’s disease, or injury. Minnesota law includes provisions for creating a durable power of attorney, ensuring that it meets the necessary legal requirements to be effective. It is important for the document to be drafted clearly, specifying the powers granted and the conditions under which it becomes operative. Individuals are encouraged to consult with an attorney to ensure that the durable power of attorney is properly executed and to understand the implications of granting such powers.