Five Things to Know About Your Durable Power of Attorney
It's important to keep in mind these five things about a durable power of attorney when you create your estate plan............................
1. The durable power of attorney is used to manage individually owned assets.
2. The powers or authorizations of a power of attorney come from the document.
3. Most durable powers of attorney in Massachusetts, including the ones that come from my office, are effective immediately upon signing.
4. A power of attorney is only used when the agent (called the “attorney in fact”) is asked by the principal to exercise the powers which are authorized by the document.
5. A power of attorney is only valid during the lifetime of the principal.