Has a person you know asked you to execute a power of attorney naming that individual as your agent? Make sure that you don’t sign this document without first having your own estate planning attorney to review it.
Although this is a very popular legal tool and one that you should certainly have in your estate plan, it can also be a powerful tool that should always be reviewed by an estate planning attorney to be sure that you understand every aspect of the document. This is especially true if you download this document from online or copy/paste from a template form.
This legal agreement names you as the principal with the eligibility to grant another party, the agent, with the legal authority to act on your behalf in legal matters or legal transactions.
Powers of attorney can be specific or general and durable or springing. Some of the most common mistakes that you could make in a Massachusetts power of attorney document that is not reviewed by an estate planning lawyer include:
- Executing a worthless POA, such as designating an agent who cannot be your agent, like a treating physician.
- Using the wrong type of power of attorney, especially when a limited power of attorney would have sufficed.
- Naming the wrong individual as your agent by failing to give proper care to thinking about whether this person is the right party to serve in that role.
- Granting an agent too much power and allowing them to wreak serious havoc on your estate plan or your finances.
To avoid these common challenges, sit down with an estate planning attorney as soon as possible to discuss your options. Our Massachusetts estate planning law office is here to support you.
