A person can sign their name for many different purposes during a typical day. But what can you do if you understand that an event may happen when you cannot sign it - either because you're in a different location or a physical or mental condition has occurred?
You can have a MA durable power of attorney in place before it's needed.
The signing of a durable power of attorney is typically done as part of the estate planning process. Usually on the same day your sign a new will or MA living trust.
It allows another person to sign your name for you. It can be helpful in many different situations.
We create a high quality durable power of attorney for clients. It is very complete, about 30 pages long.
It's called 'durable' because this type of power of attorney is still valid and you can use it even if you become incapacitated by mental condition.
In the recent past - say, before 1980 - the 'durable' type of document did not legally exist. Before that time, if you were incapacitated, you were out of luck because the old power of attorney stopped being accepted by financial institutions in that situation.
Hard to believe - but true!
But a problem with the durable power of attorney continues. That is the issue of it being too old or'stale' for a financial institution to accept it and allow you to use it.
We deal with this 'staleness' issue by reminding clients on a regular basis of this problem. And then, we will create a newer durable power of attorney to fight back against this policy of banks and other financial institutions.
By the way, there is no commonly accepted period of time after which the MA durable power of attorney will be considered too old to be accepted.
It depends on the particular financial institution and unpublished 'policy.'
A MA revocable living trust has a much higher chance of it being accepted - as the trust has been used since about 1300 in England.