Massachusetts Durable Power of Attorney (Financial)

Last Updated: 5/20/2015

Document Description

A Massachusetts Financial Power of Attorney is a great resource to have to protect your financial life. Military service members may want to create a financial power of attorney to help while deployed. Others may need this power of attorney in case of mental instability due to terminal illness, injury or advanced age.

Without a financial power of attorney, everyday tasks like withdrawing cash from the bank or paying your bills can become a big hassle involving Massachusetts probate court. If a power of attorney is not assigned, the probate court could not only appoint a guardian you do not trust to handle your finances, but also put your financial health in jeopardy with drawn-out hearings and obstacles. The Massachusetts Financial Power of Attorney will help you preserve your financial health and avoid legal fees and complications.

This form allows an assigned agent or attorney-in-fact control over your finances during a designated period of time. This control includes access to bank accounts, purchases on your behalf and the payment of bills. It is important that you are specific about the powers and authority given to the attorney-in-fact.

There are also options available regarding when your financial power of attorney will take effect. You can create a present power of attorney, which will take effect immediately, or a springing power of attorney, which will take effect once a specific event (such as deployment or incapacitation) occurs. It is important to make sure you're well-drafted financial power of attorney specifically states when it becomes effective so the control over your money is in the right hands at the correct time.

The Massachusetts Financial Power of Attorney can only include instructions for your finances when you are alive. Once you pass away, the power of attorney is no longer valid. Other reasons your financial power of attorney may be revoked include divorce, an expired date or the, creation of a new financial power of attorney.

This form, like our other estate planning documents, may be safely stored in your ezEstatePlanner Vault, where it is easily accessible to the Keeper whom you assign. It is also a good idea to give this form to the attorney-in-fact, your lawyer and close family and friends.

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