Do you have a properly executed durable power of attorney? If not, you are leaving your financial affairs in a potential hazardous state and should consider hiring an estate planning attorney.
What is a Durable Power of Attorney?
A durable power of attorney, otherwise known as a DPA, is a legal document which allows a secondary person to manage your financial affairs during times when you cannot. Such times are not limited to incapacity or death, but can even include times when you may be away and unable to attend to such matters personally. Imagine, if you will, being incapacitated and knowing your rent is due or your business needs to have its account accessed. If you do not have a DPA set in place by an estate planning attorney this could be a very real problem. A DPA is essential to any estate plan but it is useful in other, more mundane contexts. For example, if you are going out of town, state, or country having a DPA allows another person to make sure financial affairs are managed while you are away.
Who Can Execute a DPA?
If you are 18 years or older and of sound mind then you are able to execute a DPA in Massachusetts.
Can I limit the Scope Of My DPA?
Yes. You can give the person you designate in your DPA limited power depending on what you need. For instance, you could limit that person’s power to just overseeing your business accounts or conversely, just overseeing your personal bank account.
Can I cancel my DPA?
Of course! With very limited exceptions no document you create is ever set in stone. You can revoke your DPA or change the person you designate in your DPA at any time.
Do I need an estate planning attorney?
You should consult with an experienced estate planning attorney about creating or updating a durable power of attorney today. An attorney will ensure that your durable power of attorney is setup correctly and accurately.