Naming someone else to make decisions on your behalf and take actions for you if you are unable to do so is a leading reason to create a power of attorney. A power of attorney document can help you to cover all of your bases if you become incapacitated and can no longer take these actions on your own. This is why you should be familiar with the concept of a durable power of attorney.
What is a Massachusetts Durable Power of Attorney?
A durable power of attorney is a valid legal document in which you name someone else to manage and protect your financial affairs, such as your business property and your money if you are unable to manage them on your own. The trusted person you named through this document is known as an attorney in fact, and this individual makes financial decisions by following your instructions to safeguard financial matters. Every competent adult in Massachusetts has the ability to sign a durable power of attorney and an adult must be age 18 or older and under no undue influence or constraint to sign a legal document.
Choosing an Attorney in Fact
Any adult that you trust can be named as an attorney in fact on a durable power of attorney. In most cases, this is a friend, family member or spouse but can also be a business or professional entity. The most important thing to remember is that the person that you select should be comfortable with financial affairs and someone that you trust to follow through on your wishes.
Talk to a Massachusetts estate lawyer today to learn more.
