POWER OF ATTORNEY
Taking care of business
A power of attorney is a written authorization from you appointing someone to handle your property or financial matters if you should become incapacitated or otherwise unable to manage your own finances.
Q. 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.
Since there are different types of power of attorney authority, you may want to seek legal advice to ensure the authority you grant is appropriate for your situation.
You determine how much power the person will have over your affairs. Your power of attorney can allow any or all of the following:
- Allow access to your account information.
- Sign documents for you in case of incapacitation.
- Make changes to direct deposit, tax withholding, or your address.
q. Where do I get the power of attorney form?
Download the form from the Minnesota Attorney General’s website.
q. what does tra need?
If the power of attorney authorizes the “attorney-in-fact” to make decisions regarding your financial matters, we ask that you:
- Complete a TRA power of attorney cover letter.
- 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.
- Inform us whether the power of attorney should be set up immediately, or if it should be kept in our files for execution at a later date.
These steps will help us assure your account is safe.
q. HOW DO I RevokE A power of attorney?
A competent adult may cancel or revoke a power of attorney at any time. A written notice of revocation is required and should be submitted to TRA so we can update our records. The form is available on the state Attorney General’s website.
If you have questions or need additional information, call TRA.