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What are the Duties of an Attorney-in-Fact Appointed Pursuant to a Minnesota Power of Attorney?

April 26, 2017appointed attorney-in-fact Minnesota power of attorney pursuant

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What are the Duties of an Attorney-in-Fact Appointed Pursuant to a Minnesota Power of Attorney?

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An attorney-in-fact appointed pursuant to a Minnesota power of attorney has no duty: • to exercise any power conferred upon the attorney-in-fact, or • to act in any capacity on behalf of a principal in any transaction. However, if the attorney-in-fact does exercise any such power or act on behalf of the principal, the attorney-in-fact shall: • exercise the power in the same manner as an ordinarily prudent person of discretion and intelligence would exercise in the management of the person’s own affairs, • have the interests of the principal utmost in mind, and • keep complete records of all transactions entered into by the attorney-in-fact on behalf of such principal.