Your estate plan should ideally be part of a comprehensive, long-term plan for aging. You certainly want to make sure that you facilitate effective asset transfers to your loved ones, but this is only part of the process. Incapacity planning is also important. People are living longer and longer lives. According to the United States Census Bureau, between 2000 and 2010 the segment of the population that was between 85 and 94 years of age grew faster than any other ten-year … [Read more...] about When Does a Power of Attorney Become Effective?
Power of Attorney
If you are new to creating estate planning documents, such as a power of attorney, the process can seem intimidating. Most people have very little experience creating or using powers of attorney. Even more, you might have heard some common myths surrounding power of attorney documents that are clouding your view of them. To help dispense of some of these myths and to give you a better understanding of what a power of attorney is, what it does, and how it can benefit you, let’s take a look at … [Read more...] about Know Your Power of Attorney Myths
A power of attorney is one of the more important documents you create when you develop an estate plan in the State of New York. Whether you create a single or multiple powers of attorney, the effectiveness of the document you create will largely hinge on your choice of agent. A good agent will be able to step in when needed and see to the tasks you have assigned, while a bad agent can mean endless headaches and potential legal disasters. To help you select the right agent for your needs, here … [Read more...] about Selecting a Good Agent for Your Power of Attorney
Powers of attorney are important elements of almost every estate plan in the State of New York. With a properly drafted power of attorney you can give others the right to represent you and your interests, and make decisions for you, when you can no longer make them yourself. When a person makes a power of attorney in Rochester New York, that person will have to select someone to act as an agent. If you are ever asked to serve as an agent, there are several issues you will have to understand. … [Read more...] about Understand Power of Attorney in Rochester New York Before You Become an Agent
When some people first learn about power of attorney, they become fearful that creating these documents will mean that they lose their decision-making rights. A power of attorney is an important estate planning tool, and one you need to understand fully. If you are worried that by creating a power of attorney you will lose some of your rights, taking the time to learn a bit more about this tool will help alleviate your fears. Your Power of Attorney, Your Decision Through a power of attorney … [Read more...] about Will I Lose My Rights if I Create a Power of Attorney?
Through a properly drafted power of attorney, adults can allow others to make decisions on their behalf. Powers of attorney often occupy a key place in many estate plans because they offer such great flexibility and are easily tailored to fit almost any situation. Unfortunately, there are some potential downsides to using powers of attorney that you need to consider before you create these powerful documents. Coordinating Power of Attorney and Third Parties When you create a power of attorney … [Read more...] about Use Power of Attorney, but Carefully
Several weeks ago we wrote about the story of John Potter, a 92-year-old Ohio man and World War II veteran who is being evicted from his home by his own daughter. The story started when Potter granted his daughter financial power of attorney in 2004 when he and his now-deceased wife began experiencing health problems. After realizing in 2010 that his daughter had used her position to transfer title of his home into her name, Potter went to court to try to get the property retitled. An Ohio … [Read more...] about Ohio Veteran John Potter Still Facing Eviction
Question 1. A how many agents should I use with a power of attorney? In general, it’s always best to use a single agent with any power of attorney, or POA. When you create a power of attorney, you delegate some of your decision-making authority to someone else. For each POA you make, be it financial, healthcare, or other, it’s always best to have that power vested in a single agent. Question 2. What if I have multiple powers of attorney? Should I have a single or multiple agents? That … [Read more...] about Multiple POA Agents and Co-Agents: 3 Questions