A durable power of attorney is a document that allows you to give another person (called an "attorney-in-fact") the authority to make banking, real estate and other financial decisions on your behalf. It can be broad in its granting of authority or limited to specific aspects of your financial dealings. The goal of the instrument is to allow you to choose the person who will control your personal affairs in the event you are unable, instead of leaving it to the state to appoint a conservator.
How the state of Massachusetts defines durable power of
attorney?
The Massachusetts statute defining a durable power of
attorney says that the document must be in writing and must include the words,
"This power of attorney shall not be affected by subsequent disability or
incapacity of the principal, or lapse of time," or "This power of
attorney shall become effective upon the disability or incapacity of the
principal," or similar words that convey the same idea. Unless a
termination date is stated in writing, the agreement ends at the end of your
life.
Why you need a health care proxy, too?
While a durable power of attorney provides significant
security relating to financial matters, health care choices are another
important consideration. A health care proxy is a document that allows you to
name the person (called a "health care agent") you want to make life
and death decisions for you should you be unable to do so yourself due to
accident or illness. A designated health care agent would then be given access
to your confidential medical information to make critical decisions.
Unlike a durable power of attorney, which is effectively
immediately, a health care proxy does not take effect until a physician
determines - and states that determination in writing - that you are unable to
make or communicate decisions relating to your medical care. Massachusetts is
one of only three states that recognize health care proxies instead of living
wills. If you have a living will that appoints a health care agent, you need a
proxy in Massachusetts. If you live in another state part of the year or travel
often, you should have both.
Take the time now to get your critical affairs in order
Coupling a health care proxy with a durable power of
attorney ensures that no matter what, you maintain some level of control over
your life. Taking the time to prepare now will save you and your family
significant heartache during a time of crisis. No matter your age or situation
in life, contact an experienced estate planning attorney to discuss these
critical documents to ensure your life remains in your hands.
