Estate planning checklist pdf4/28/2024 ![]() To have access at any time or times to any safe-deposit box rented by the principal or to which the principal may have access, wheresoever located, including drilling, if necessary, and to remove all or any part of the contents thereof, and to surrender or relinquish said safe-deposit box and any institution in which any such safe-deposit box may be located shall not incur any liability to the principal or the principal’s estate as a result of permitting the principal’s attorney-in-fact to exercise this power.If necessary to effect the principal’s attorney-in-fact’s powers, the principal’s attorney-in-fact is authorized to execute any document required to be signed by such banking institution. To receive and deposit funds in any financial institution, and to withdraw funds by check or otherwise to pay for goods, services, and any other personal and business expenses for the principal’s benefit.Signing Requirements – Although there is no requirement for the agent, witnesses, or a notary public to sign a Power of Attorney form, it is recommended to have the document signed by the principal, two (2) witnesses, and a notary public to assure its validity.The agent is appointed by the principal using a Durable Power of Attorney form that contains one of the following statements: “This power of attorney shall not be affected by subsequent disability or incapacity of the principal,” or “This power of attorney shall become effective upon the disability or incapacity of the principal.” Therefore, depending on the statement chosen, the Power of Attorney will either be active even if the principal becomes incapacitated or it will only become active in said situation. ![]() For instance, the agent can secure the principal’s finances for medical treatments, pay their bills, apply for Medicaid, or transfer funds to family members the principal may choose exactly which powers they wish to grant to their agent. It is recommended that an estate lawyer is consulted before these documents are executed.Ī f inancial agent is a Massachusetts resident who is of sound mind and eighteen (18) years of age or older who has been appointed to represent the principal in making financial decisions and executing legal instruments. By following this guide, Massachusetts residents can make some important preparations for their future and ensure that their property will be passed on to their inheritors. Planning for the distribution of an individual’s estate after their death and how they would like to manage their finances and medical treatment in the event of their incapacitation can be a laborious process. Designate Beneficiaries and Other Roles.How to Create an Estate Plan in Massachusetts (6 steps) In addition to planning the distribution of an individual’s estate via a Last Will and Testament or Revocable Living Trust, the guide also reviews the Health Care Proxy and Durable Power of Attorney which help the individual prepare for the loss of decisional capacity. Without executing the necessary legal instruments, an individual cannot guarantee that their property will be inherited by their chosen beneficiaries. ![]() A Massachusetts estate planning checklist is a guide that reviews some of the most important documents that residents of Massachusetts use when planning for the end of their life or incapacitation.
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