What is a durable power of attorney?

A durable power of attorney is an important document in estate planning law in Massachusetts. It allows a person, called the “principal”, to appoint another person, called the “attorney-in-fact” or “agent”, to act on their behalf regarding financial and legal decisions. The power of attorney document allows the agent to handle the principal’s matters with respect to their finances, property, and healthcare, as the principal has specified in the document. A durable power of attorney is different from a standard power of attorney in that it does not become void in the event of the principal becoming incapacitated or disabled. This allows the agent to continue managing the principal’s affairs, even if the principal cannot do so themselves. It is important to note, however, that the durable power of attorney must have been set up prior to the principal’s incapacity or disability for it to remain in effect. The durable power of attorney is a powerful document and should not be taken lightly. The principal must choose their attorney-in-fact carefully and provide them with a clear set of instructions as to what actions they can and cannot take. It is also important to note that a durable power of attorney is revocable — the principal can revoke or change it at any time that they are competent.

Related FAQs

What is the purpose of estate planning?
What are the benefits of establishing a family limited partnership?
What is probate, and how can I avoid it?
What is a testamentary trust and how does it work?
What happens to my assets if I die without a will?
What is a trust account and how does it work?
How do I make sure that my digital assets are taken care of after my death?
What is a beneficiary designation and how does it work?
How can I protect my assets from creditors?
How can I find the right probate attorney?

What is a durable power of attorney?

Related FAQs

Related Blog Posts