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 can be granted to any adult who will act on behalf of the principal (the person granting the power). A limited power of attorney allows the principal to give specific powers to the attorney-in-fact/agent, which can include handling financial matters like taxes. This type of power of attorney is useful when the principal is unavailable or unable to manage these matters.
It's important to note that a power of attorney remains effective until the principal revokes it. To revoke a power of attorney, the principal must send a written notice of revocation to the attorney-in-fact/agent and to any third parties relying on that authority. Additionally, a power of attorney automatically ceases to be effective upon the principal's death. If there are concerns about the principal's well-being, such as the possibility of death, it is advisable to establish other legal documents like a last will and testament or a 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.