Full question:
Does a person outside a family need to be named power of attorney to get back taxes. And is still remains substitute if something happens to my fiance.
- Category: Power of Attorney
- Date:
- State: Minnesota
Answer:
A power of attorney may be given to any adult who will act in the fiduciary capacity for the principal (person who gave the power).
A limited power of attorney allows the principal to give only specific powers to the attorney-in-fact/agent which can include financial matters such as taxes. The limited power of attorney is used to allow the attorney-in-fact/agent to handle specific matters when the principal is unavailable or unable to do so. The power of attorney cannot be revoked until notice is given. Therefore, if the principal wishes to revoke the power of attorney he/she should send a written notice of revocation to the acting attorney-in-fact/agent and to all third parties relying on the authority of the acting attorney-in-fact/agent.
A power of attorney will cease to be effective when the principal dies. If there is concern that something may happen to the principal, particulary death, other plans should be arranged such as a last will and testament or living will.
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.
