POWER OF ATTORNEY
Taking care of business
A power of attorney is your written authorization appointing someone to handle your property or financial matters if you become incapacitated or otherwise unable to manage your own finances.
TRA will only accept a valid Minnesota statutory short form power of attorney under Minnesota Statutes, section 523.23. The form must be either the original or a certified copy of the original. Properly executed power of attorney documents from other states or foreign countries submitted to TRA prior to Jan. 1, 2020, remain in effect.
How Does Power of Attorney Work?
If you ever reach a point where you feel you are no longer comfortable handling your own financial transactions, it may become necessary to execute a power of attorney. The person appointed as “attorney-in-fact” does not need to be a practicing attorney, but should be someone you trust to act in your best interest. A valid power of attorney document will allow your representative to do the following:
- Access your account information.
- Sign documents for you.
- Make changes to direct deposit, tax withholding, or your address.
Talk with a lawyer if you are not sure how to prepare a power of attorney or if you need legal advice.
What Does TRA Need?
These steps will help us assure your account is safe:
- Complete a TRA power of attorney cover letter.
- Complete a Minnesota statutory short form power of attorney. Submit the original power of attorney document or an original notarized copy of the power of attorney document. Notarization indicates that the document has been verified. We will return this document to you after a copy is placed in your file.
How Do I Revoke a Power of Attorney?
A valid power of attorney document can be revoked at any time by submitting a written notice of revocation with your notarized signature. You are the only person who can revoke an active power of attorney and you must be mentally competent to do so. TRA will only accept a written notice of revocation that includes your notarized signature. A verbal revocation or a written notice that does not have your notarized signature is not valid and will not be accepted. Please submit your notarized notice of revocation to TRA as soon as possible so we can update our records and inactivate your power of attorney. The form is available on the state attorney general’s website. If you have questions or need additional information, contact TRA.