ADDITIONAL INFORMATION:
My mother is 88 years old. She would like help paying bills, being a representative for her with her bank and other creditors. What type of form do I need?
ANSWER BY MARGARET CROSS-BELIVEAU:
A power of attorney is a document which gives an agent the ability to make financial decisions for the principal for a certain transaction or period of time. It will cease to be valid if the principal becomes disabled. For instance, if you are selling a home, you may give your attorney the right to sign the contracts for you if you are out of state.
A durable power of attorney does the same except it is a broad power and lasts through incompetency. A durable power of attorney is often executed for estate planning purposes.
In both cases, the agent owes a fiduciary duty to the principal to act in the principal’s best interest.
Legal Disclaimer: Please note that this answer does not constitute legal advice, and should not be relied on since each situation is fact specific, and it is impossible to evaluate a legal problem without a comprehensive consultation and review of all the facts and documents at issue. This answer does not create an attorney-client relationship. A lawyer experienced in the subject area and licensed to practice in the jurisdiction should be consulted for legal advice.
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