Durable Power of Attorney Your Responsibilites as Agent/Attorney In Fact

DURABLE POWER OF ATTORNEY YOUR RESPONSIBILITIES AS AGENT/ATTORNEY IN FACT

You have been given the Power under this Durable Power of Attorney to make decisions about money, property, or both belonging to the Principal, and to spend the Principal’s money, property, or both on the Principal’s behalf, in accordance with the terms of this Durable Power of Attorney.

This Durable Power of Attorney is valid only if the Principal is of sound mind when the Principal signs it. When acting in the capacity of Agent, you are under a duty (called a "fiduciary duty") to observe the standards observed by a prudent person, which means the use of those powers that is reasonable in view of the interests of the Principal and in view of the way in which a person of ordinary judgment would act in carrying out that person’s own affairs. If the exercise of your acts is called into question, the burden will be upon you to prove that you acted under the standards of a fiduciary.

As the Agent, also called an Attorney in Fact, you are not entitled to use the money or property for your own benefit or to make gifts to yourself or others unless the Durable Power of Attorney specifically gives you the authority to do so.

As the Agent, your authority under this Durable Power of Attorney will end when the Principal dies and you will not have authority to manage or dispose of any property or administer the estate unless you are authorized to do so by a Probate Court.

If you violate your fiduciary duty under this Durable Power of Attorney, you may be liable for damages and may be subject to criminal prosecution.

If there is anything about this Durable Power of Attorney, or your duties under it, that you do not understand, you should seek professional advice.

Advertising. In accordance with rules established by the Supreme Judicial Court of Massachusetts. This handout must be labeled "advertising." It is designed to provide general information for clients and friends of the firm and should not be construed as legal advice, or legal opinion on any specific facts or circumstances. This handout is designed for general information only. The information presented should not be construed to be formal legal advice nor the formation of a lawyer/client relationship. Misc/handout(6/3/05)

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