A power of attorney is a legal document that essentially gives one person the power to act for another person. Most people have heard the term power of attorney, but they may not fully understand what this means or why this may be necessary for their situation. At Colucci, Colucci & Marcus, P.C., a Boston powers of attorney lawyer is ready to help you create an effective power of attorney. Here, our estate planning lawyers want to discuss the various types of powers of attorney that are available, as well as some of the basic powers that they allow another person to have in your situation.
Different Types Of Powers Of Attorney
A power of attorney (POA) is a document that allows one person (the principal) to appoint another person (the agent) to act on their behalf. In these cases, the agent is expected to place the interests of the principal ahead of their own in a situation specified by the power of attorney. There are various reasons why a person may want to establish a power of attorney, and there are four basic powers of attorney that we need to mention:
- General Power of Attorney: In this situation, an agent could be asked to perform nearly any of the same actions that the principal can perform, including opening, closing, and maintaining financial accounts as well as personal finances. They can also enter into contracts on behalf of the principal. A general power of attorney will end if the principal provokes the POA, passes away, or is incapacitated.
- Durable Power of Attorney: This type of power of attorney enables the agent to act on behalf of the principal, but will include a “durable” clause that allows these powers to remain in place should the principal become incapacitated.
- Special or Limited Power of Attorney: With a special or limited power of attorney, an agent will have power over only specified areas of the principal’s life. For example, an agent may have a power of attorney that allows them to buy and sell property on behalf of the principal, but nothing else.
- Springing Durable Power of Attorney: This type of power of attorney is designed to “spring” into action only when certain events occur. For example, a person could have a springing power of attorney take effect the moment the principal becomes incapacitated, but not before.
Contact Our Powers of Attorney Lawyers For a Free Review Today
If you or somebody you care about is interested in learning about how a power of attorney could help with your situation, please contact the team at Colucci, Colucci & Marcus, P.C. today. Our Boston POA attorneys have extensive experience helping clients draft various types of powers of attorney to meet their particular needs. We understand how powers of attorney and Massachusetts law intersect, so let us get to work on your behalf today. You can contact us for a free review of your estate needs by clicking here.
