If necessary to effect the principal’s attorney-in-fact’s powers, the principal’s attorney-in-fact is authorized to execute any document required to be signed by such banking institution. To receive and deposit funds in any financial institution, and to withdraw funds by check or otherwise to pay for goods, services, and any other personal and business expenses for the principal’s benefit. ![]() Signing Requirements – Although there is no requirement for the agent, witnesses, or a notary public to sign a Power of Attorney form, it is recommended to have the document signed by the principal, two (2) witnesses, and a notary public to assure its validity.The agent is appointed by the principal using a Durable Power of Attorney form that contains one of the following statements: “This power of attorney shall not be affected by subsequent disability or incapacity of the principal,” or “This power of attorney shall become effective upon the disability or incapacity of the principal.” Therefore, depending on the statement chosen, the Power of Attorney will either be active even if the principal becomes incapacitated or it will only become active in said situation. For instance, the agent can secure the principal’s finances for medical treatments, pay their bills, apply for Medicaid, or transfer funds to family members the principal may choose exactly which powers they wish to grant to their agent. ![]() It is recommended that an estate lawyer is consulted before these documents are executed.Ī f inancial agent is a Massachusetts resident who is of sound mind and eighteen (18) years of age or older who has been appointed to represent the principal in making financial decisions and executing legal instruments. By following this guide, Massachusetts residents can make some important preparations for their future and ensure that their property will be passed on to their inheritors. Planning for the distribution of an individual’s estate after their death and how they would like to manage their finances and medical treatment in the event of their incapacitation can be a laborious process.
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