A power of attorney is someone involved in your estate administration and planning process. While planning for your estate, you can name a power of attorney. This individual has as much authority as you wish to give them. They do not have unlimited power over your life. Instead, you can limit their power as much as you would like. With these roles, a person can be highly involved in making important decisions regarding your life. Due to this, you should make sure to appoint someone you trust. This individual can have the power to make important decisions that they should not mess up making.
Although a power of attorney does not have unlimited power, they can if you wish to give it to them. A general power of attorney can have the authority to make decisions for you fiscally. This can involve borrowing money, paying off debts and taxes and more. This puts them in charge of your finances. However, a limited power of attorney does not have as much power as a general power of attorney. A limited power of attorney is limited in ways that you decide. You can pick what field they have the authority to control. This can include certain financial aspects. You should be specific when explaining how much power you want to give them.
A durable power of attorney has rights in other parts of your life. They can make decisions for your end of life care. Generally, you will have spoken with this person beforehand about your views on end of life care. Do you want to be put on life support if an accident were to occur? This can be included in their power. You can share your thoughts with them during a time of a clear state of mind. You may also create an advance healthcare directive that can detail your choices regarding end of life care. In comparison, a springing power of attorney has the ability to make decisions when a triggering event occurs. If an accident occurs where you are unable to make clear decisions, they can gain control over the situation at this time.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.