Your power of attorney is an individual that you choose to make decisions on your behalf and take actions in your stead (your “agent”). It’s up to you as the principal or creator of this document to determine exactly what powers you wish your power of attorney agent to have in Massachusetts.
Here are some of the most common included powers in this legal document:
- Filing tax returns
- Handling any insurance or legal claims
- Borrowing money
- Completing business transactions
- Selling, buying or managing real estate
- Paying necessary bills
A key distinction that you must make in your power of attorney document is whether or not you intend to make it limited or general. A general power of attorney will generally allow the agent to ‘step into your shoes’ to do whatever you would have been able to do financially. On the other hand, a limited power of attorney specifically outlines limited powers for the agent.
Further, a power of attorney may be restricted to a particular time period (e.g. 30 days) or it may be available to use during your life.
Finally, a power of attorney may become effective immediately upon your signing it, or it may only become effective upon your incapacity.
Contact a lawyer to draft your own power of attorney in Massachusetts.
