Massachusetts General (Financial) Power of Attorney Form
The Massachusetts General (Financial) Power of Attorney is a form completed and signed by a party, referred to as the principal, to authorize another party (the agent) to act in a representative capacity to manage their financial transactions and other life matters if they so choose. Said transactions may involve banking, investments, retirement funds, and other affairs of a financial nature. The powers granted to the agent will only remain active if the principal is in a capable state. As soon as they become incapable of acting for themselves, the agent will be legally required to relinquish any and all powers.
For those looking for a form that does not terminate in the case the principal declines in health and cannot function on their own, a durable POA should be used.
State Laws & Signing Requirements
Signing Requirements: Other than the principal’s signature, Mass. law does not mandate that any other signatures be recorded on the contract. If they seek someone to be present at the time they put their signature to the form (highly recommended), any of the following three (3) options are valid:
- A Notary Public acknowledges the principal’s signature.
- Two (2) disinterested witnesses spectate the principal as he/she signs and prints their name.
- A Notary Public and two (2) witnesses take part in the witnessing of the principal’s signature.
In addition to having witnesses view the principal’s signature, having the same be performed for the agent’s signature is also commended.