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A family member acting as a POA requires a signed Form M-2848 except when a parent is acting on behalf of a minor child.
The average legal fees for a power of attorney in Massachusetts range from $250 to $500. The difference in cost can depend on the specifics of the document you want created, as well as the legal professional you work with.
Steps for Making a Financial Power of Attorney in Massachusetts Create the POA Using a Form, Software or an Attorney. ... Sign the POA in the Presence of a Notary Public. ... Store the Original POA in a Safe Place. ... Give a Copy to Your Agent or Attorney-in-Fact. ... File a Copy With the Recorder's Office.
Durable Power of Attorney This is the most common type of POA?it gives your agent the power to make decisions relative to some issues if you are incapacitated. It also empowers your agent to act on your behalf in legal matters and other vital matters during a time when you can't be present.
The best choice is someone you trust. Integrity, not financial acumen, is often the most important trait of a potential agent.
For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances. An attorney can customize a general POA to limit powers even more?or add powers, Berkley says.
The three most common types of powers of attorney that delegate authority to an agent to handle your financial affairs are the following: General power of attorney. Limited power of attorney. Durable power of attorney.
The Durable Power of Attorney In other words, you'd use a durable POA if you wanted to give your agent authority once you're unable to act for yourself. Because of this, many consider a durable POA to be the most powerful type of power of attorney.