The Massachusetts Durable Financial Power of Attorney that allows a person you select to have the full power and rights to handle any type of monetary related action or decision on your behalf. The document can be written so as to empower your Attorney-In-Fact to take the reins immediately. If so, according to State law it needs to be specified as a “Durable” Financial Power of Attorney with the following statement, “This power of attorney shall not be affected by subsequent disability or incapacity of the principal” (As the form already states). You may also elect to have it terminate when your physician declares that you have, in fact, become incapacitated by completing the General Version. The other choice is to opt for a “Springing” Durable Power of Attorney, which only comes into force when and if you do become incapacitated which the following statement needs to be added, “This power of attorney shall become effective upon the disability or incapacity of the principal”.
Legal advisors will often state that it is a good idea to elect a secondary agent, in case your first choice is not available. A spouse is a common choice to serve as an Attorney-In-Fact, and in Massachusetts, the agreement doesn’t automatically end upon a divorce. You may revoke the agreement at any time, as long as you are mentally competent to do so.