Having a POA, or “power of attorney” or more specifically a “durable financial power of attorney” is usually a great idea and lets you make sure that your family and/or loved ones will have the power to help you if you can’t handle your own affairs for some reason.   It could be temporary, like being out of the country or being very ill, or it could be permanent if, for example, you develop dementia. 

Failure to have a POA in place (which means it has to be validly signed, and recent enough that financial entities will accept it) means your family may have to go through what’s called “living probate”.  In that instance, a Court will appoint someone to handle your financial affairs, but the Court will retain oversight.

There are positives in that, as the Court will theoretically prevent anyone from taking advantage of you or using your money for their own purposes, but also negatives, in that the reporting your agent will do will be a public record and you will lose the privacy many New Englander’s crave.

We always recommend that you have your Attorney or other trusted professional your original power of attorney to minimize the chance of it being misused.   

If you want to discuss in more detail whether a POA is right for you, contact us today.