If you suffer from a disability or have a condition that is expected to progress over time, then you may have thought about the possibility of you becoming incapacitated, and therefore unable to make legal decisions, at some point in your lifetime. In order to prepare for this possibility, it is likely that you have considered selecting a power of attorney that can act on your behalf legally when this time comes.
Selecting a power of attorney that you can trust helps you to gain peace of mind about your finances, as well as your medical future. However, there are certain rules and regulations that you should be aware of before selecting your power of attorney.
How the state of Massachusetts sets regulations
Each state has the power to set certain regulations about how a power of attorney can be selected. These regulations include details such as who is able to select a power of attorney, what needs to be in place for the power of attorney to be legally valid, and what rules must be complied with as a power of attorney. These rules can be specific and complex; therefore, most people opt to have an estate planning attorney assist them with these details.
Your power of attorney can be very helpful in managing affairs during your lifetime, however after your death they become invalid. Therefore, it is still vital that you have a plan for the future of your wealth.
If you are considering appointing a power of attorney in Massachusetts, it is important that you conduct research to ensure that you understand the specific regulations.
Source: The Balance, “Power of Attorney,” accessed Feb. 16, 2018