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How to use or fill out Massachusetts General Durable Power of Attorney for Property and Finances or Financial Effective Immediately

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Click ‘Get Form’ to open it in the editor.
Begin by entering your name as the Principal in the designated field. This identifies you as the person granting authority.
Next, designate your Agent by filling in their name and address. This individual will have broad powers to manage your financial affairs.
Review the sections detailing the powers granted to your Agent. Ensure you understand each power, such as property management, banking, and tax matters.
Complete any additional fields regarding substitute agents or specific instructions for your Agent's authority.
Sign and date the document at the bottom. Ensure that witnesses are present to sign as well, confirming your execution of this important document.

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What is a durable financial power of attorney in Massachusetts?

A Durable Power of Attorney is a legal document in which you appoint a person you trust, called an Attorney-in-fact, to manage your money, property and financial matters if you become disabled or incapacitated and are unable to effectively manage your financial matters yourself.

How long is a durable power of attorney effective?

Durable power of attorney allows the agent to make both financial and medical decisions on your behalf, and its often permanent unless you choose to end it yourself. That means it typically lasts until you, the principal, pass away.

What are the disadvantages of a durable power of attorney?

The difference has to do with whether the powers remain effective after the onset of a disability. That is, the regular power of attorney ceases to be effective if you become disabled, whereas the durable power of attorney continues to be effective despite your subsequent disability.

Is a general durable power of attorney for property and finances or financial effective immediately?

General durable power of attorney (for finances) This document is also known as a financial durable power of attorney or a durable power of attorney for finances. The POA can take effect immediately or can become effective only if you are incapacitated.