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Helping You Protect Your Financial Life While You Are Laid Up
If you are preparing your estate plan, you may have heard about creating a power of attorney document. This document allows you to give a trusted loved one the authority to make decisions on your behalf. You can choose to let them make financial decisions, property management decisions, pay your bills for you, file your taxes, or all of the above. Forms that you print off the internet do not have these enhanced powers and often are not executed corrected so that they are not effective at all.
Creating a power of attorney is a big decision and not one that should be taken lightly. Before creating a power of attorney form, consulting with an experienced team of estate planning attorneys is essential. At the Law Offices of Patricia G. Micek PLLC, we can advise you on which power of attorney to create, plus give your chosen representative additional powers that they will need to protect your assets later in life or in the event of a catastrophe.
Our team understands just how essential these decisions can be, and we are dedicated to providing the most accurate, up-to-date legal advice that we can. For more information about our services and how we can help you, call our law office today at 914-533-1756.
What is a Power of Attorney (POA)?
A power of attorney, also called an attorney in fact, describes the legal capacity to make decisions on someone else’s behalf. The power of attorney document gives a person the authority to act on behalf of the principal, or the person who assigns power of attorney. The agent can be given broad authority to make decisions about finances, and investments, bill paying, disputes with creditors or your insurance companies, or they could be given limited power of attorney to make decisions about specific aspects. Without a power of attorney, no one else is allowed to make these decisions for you — not even your spouse.
Our team can help you by drafting a power of attorney that can cover all of your needs when you are laid up, whether for a short time or long-term – such as if you have dementia. That way your financial life can be maintained just as always during your illness. Contact our office today if you have any questions.
How Does a Power of Attorney Work?
Most power of attorney documents authorize the agent to represent the principal if they cannot make decisions for themselves. If the principal regains the ability to make their own decisions or they pass away, the power of attorney is revoked. Similarly, the principal can revoke a power of attorney document at any time with help from our team.
If a court invalidates the power of attorney document or the agent can no longer carry out their duties, then the power of attorney is no longer valid. If you assign power of attorney to your spouse and get a divorce, the authorization may automatically become invalid and you will need to execute a new power of attorney choosing someone else to be your agent. Power of attorney agents are required to make sound decisions as if they were the principal, acting without undue influence from others.
What Types of Power of Attorney Are There?
There are two main kinds of power of attorney. One of them is for healthcare decisions, while the other is for financial decisions.
Below are the differences between the types of power of attorney:
Recapping the Power of Attorney
A financial POA allows an agent to make financial decisions on your behalf. This can include selling real estate, signing checks, managing investments and brokerage accounts, completing business operating transactions, managing a bank account, paying your bills, filing your tax returns, and handling any disputes with your healthcare insurers or other providers. The agent is obligated to make financial decisions with the principal’s best interest in mind, using their skills and experience as they do so.
Powers of attorney are further divided into different categories. Below are the different ways you can set up a POA:
- General power of attorney: Allows the agent to act on your behalf in all matters, including signing and depositing checks, managing assets, and filing taxes.
- Limited power of attorney: This is commonly used to have an agent represent you in a real estate transaction if you are going to be out of town or otherwise unavailable.
Should I Consult With a Power of Attorney Lawyer?
Granting a power of attorney to your spouse, parent, child, or sibling helps protect your assets and your health in the event you become incapacitated. By working with our team of estate planning attorneys, you can create a power of attorney document with as many stipulations and caveats as you need to feel protected.
Our team at the Law Offices of Patricia G. Micek PLLC, has decades of experience in the estate planning industry, and we are confident we can help you create a power of attorney that’s right for you. For more information about our services and to speak to an experienced member of our team, contact our law office at 914-533-1756.