A power of attorney is termed as a legal document that gives you the power to appoint someone to act on your behalf when incapacitated. The person has to protect your interests and work as per your orders. However, there are different types of power of attorney, and it is better to understand all of them before assigning someone. Let us take you through them all below.
1. General Power of Attorney
This power of attorney gives the person all the powers to perform anything like managing personal finances and opening bank accounts. It happens in situations where you feel you can no longer do anything, and you completely trust the person whom you are giving all the free power of attorney Massachusetts.
However, you need to be cautious about the person you give general power of attorney. You need to screen him or her to ensure the person won’t use the powers in a wrong way. An unreliable person may end up stealing from you or taking over your properties with this kind of power. The good thing is that you can revoke the power of attorney and when you die, the arrangement is terminated.
2. Durable Power of Attorney
Durable power of attorney is different because it involves a durable clause that leaves the person with the power of attorney even if you die. If you pass away, the designated person can still run your businesses and manage your property.
In most cases, this kind of power of attorney is given to a family member to keep running your legacy after you are gone. It could be your brother, son, daughter, wife, or husband. This keeps your property safe because an outsider with such powers may turn against the family when you pass away.
3. Limited Power of Attorney
With limited power of attorney, you give the person specific powers in a certain area. For example, you can give someone the power to run one of your businesses but not all of them. So the agent only has the power on that specific company and you keep running others by yourself.
It is a great option if you still have the energy to handle some tasks and just need to take a few of them off your shoulder.
4. Springing Durable Power of Attorney
It is a rare type of power of attorney and available in a few states. It becomes effective only when a specified event happens. Let’s say, you may write down to give power of attorney to someone only after your death.
So, as long as you are still alive, it is ineffective but once you die, the person you designated takes over the responsibility of handling everything on your behalf. Or he or she may take over when you are incapacitated and can no longer handle anything.
Choose The Best Power Of Attorney
Examine the different types of free power of attorney Massachusetts, and choose the best option you would like to go for.
