An important part of a comprehensive estate plan is ensuring someone can manage your affairs and handle your finances if you are not able to do so yourself. A Durable Power of Attorney is the document used to legally appoint another person to act on your behalf. The person you appoint to act for your under your Power of Attorney is called your attorney-in-fact.
Your Durable Power of Attorney will typically give your attorney-in-fact the power to:
- Write checks on your bank account
- Sign tax returns on your behalf
- Sell your real estate
- Resolve a credit card dispute
- Obtain information from your insurance company
- Make withdrawals from retirement accounts
A Power of Attorney created as part of a comprehensive estate plan must be a Durable Power of Attorney. A Durable Power of Attorney is one that remains in effect even if you become incapacitated. It is important to speak with a qualified attorney who is experienced in both the creation of Powers of Attorney and the implementation of these important estate planning documents.
To learn more about Powers of Attorney read Attorney Suzanne R. Sayward’s article, Five Important Facts to Know About Powers of Attorney.
To schedule an appointment contact Samuel, Sayward & Baler LLC by phone at 781/461-1020 or by email using our Contact form.