Why You Need a Power of Attorney

There are a number of ways to protect your assets and plan for your old age. An elder law attorney can help you understand all of the different protections you can employ to make certain your wishes are honored, no matter the circumstances.

Power of attorney is one type of protection that many people use to help them maneuver through different circumstances in life. This post offers some key information about what a power of attorney is and when you would benefit from having one created.

What Is a Power of Attorney?

A power of attorney is a legal document that gives an agent or person the right to make legal, financial, and healthcare decisions on your behalf.

A power of attorney might be drawn up for a number of reasons. It gives the agent the right to sign documents, sell properties, and make medical decisions in your absence. For instance, someone in the military might draw up a POA to give their parents the right to handle their finances while they are deployed.

Is There a Difference Between a Power of Attorney and a Durable Power of Attorney?

Yes, A traditional power of attorney becomes invalid if you are mentally incapacitated. A durable power of attorney gives your agent the right to keep making decisions on your behalf if you should suffer from any illness that makes managing your affairs impossible.

Does the Person Need to Be Mentally Competent to Sign a Power of Attorney?

Yes. You might think this question is silly because competency is a key component for any legal document, but this is a very common problem. Many people don’t consider creating a power of attorney until it’s necessary. This becomes an issue in cases where the elderly person has Alzheimer’s disease or some other cognitive ailment.

Who Can Be Named as an Agent on Your Power of Attorney?

Any person over the age of 18 can be named as the agent on a power of attorney. There is a great deal of responsibility involved, so it’s important that you choose someone trustworthy to execute this position. In some circumstances, people name financial institutions as their power of attorney to distribute assets according to their wishes.

Why Do You Need a Power of Attorney?

A durable power of attorney gives your agent the authority to handle your accounts and healthcare decisions in the event that you’re unable to do so.

Often the illnesses or accidents that might cause incapacitation are not things that you can foresee. It’s important to be prepared in a worst-case scenario so that you can rest assured that you and your beneficiaries will be provided for in the way that you wish.

How Do You Create a Power of Attorney in Massachusetts?

Our law practice can help you create the power of attorney that will work best for your specific situation. We can give you recommendations on including certain stipulations, such as allowing for the power of attorney to take effect only in certain scenarios.

We can also help you make certain that you have all of the legal requirements covered, such as having the document notarized by someone authorized in your state. Contact us today to get started!