What it is:

A document that appoints an “attorney in fact” (or agent) for you should you become incapacitated or unable to make decisions for yourself. You give this person customized powers to deal with your financial issues, including your real estate, bank accounts, life insurance, investments, etc.

The problems a power of attorney avoids:

• You are unable to manage your financial affairs (due to an accident, illness, or incapacity) and your family or loved ones have not been given the legal authority to help you
• The wrong person is managing your financial affairs
• Your finances are temporarily inaccessible
• The need for court involvement (and its related expense) for a family member or other person to obtain the authority to manage your financial affairs

How a power of attorney protects you:

This document will allow you to delegate financial responsibilities to a person who is qualified and whom you can trust in the event you are hospitalized, develop a debilitating illness, or are incapacitated for any reason. This person can basically step into your shoes, when necessary, to write checks, pay your taxes, manage your real estate, etc. Your agent can also implement tax and estate planning to protect your assets and maximize potential insurance or Mass Health benefits.