Who makes decisions for you in the event of your permanent or temporary incapacitation? A power of attorney (POA) assigns the right to protect your finances to a loved one or trusted friend. This is an important part of the arrangements you could make with your trusted estate planning attorney.
You may designate an agent called an attorney-in-fact (even though your agent does not have to be an attorney) to handle your affairs if you are in an accident or become mentally incapable of making decisions. There are several types of these documents, and a New Bedford power of attorney lawyer will help you choose what is right for you.
Do not wait until it is too late. If you become incapacitated without a POA, no one will be able to make decisions for you without petitioning the court to do so. That can take a significant amount of time to accomplish, especially if there is a disagreement amongst your close family and friends about who that person should be. Moreover, the court has the discretion on who to appoint in this position, and it may very well be someone that you are not comfortable with.
Powers of attorney can be specific, general, or durable, including a springing durable POA. In most cases, whether a POA is specific or general, it should be durable. A durable POA remains effective even when someone becomes incapacitated or disabled, not just when they need additional help to manage their affairs. POAs that are not durable are revoked automatically when a person becomes of unsound mind.
According to the Massachusetts Uniform Probate Code § 5-501, a durable power of attorney contains specific language providing whether the agent’s duty begins when the person enacting the document, also known as the principal, becomes incapacitated. It also defines whether the passage of time matters. A durable power of attorney is categorized as “springing” if it only “springs” into action at some future time or if it is triggered by a future occurrence, such as the principal’s incapacity. A power of attorney lawyer in New Bedford could facilitate communication and ensure everything goes according to plan.
A power of attorney is general if it permits an agent to act for your benefit in many of life’s financial matters. An agent can pay bills, deposit money, sell real estate, invest, make living arrangements, and spend money as needed.
Specific POAs are used for a limited time to handle a specific set of situations that must be explained in the document. For example, you may be scheduled to close on an international real estate transaction, but the closing date conflicts with a business trip you cannot put off. As principal, you can designate an agent to attend the closing for you, armed with a specific POA that expires once the transaction is completed. A skillful POA attorney in New Bedford could ensure the documents recommended for an estate planning portfolio are kept in order.
Besides being trustworthy, there are other requirements and suggestions before someone can be legally named to the position of “attorney in fact.” They must be a competent adult. For practicality and convenience, it may help if they are also a Massachusetts resident.
Our firm understands the gravity of thinking about a time when you may be too ill physically or mentally to continue making important decisions. We connect with our clients because we can relate to their struggles and needs at any age. At our New Bedford firm, you will find empathy and compassion as your power of attorney lawyer collaborates with you on a failsafe plan.
Powers of attorney should be specific to your circumstances, whether you need someone as a surrogate in a business deal or are in early-stage dementia and need to name an agent to take care of your finances.
We have answers for all these legal issues and more. We invite you to sit down with us and tell us what your goals are. A New Bedford power of attorney lawyer handles the rest. Contact us now to get started.
