Estate planning is an important step for people to take. Granting power of attorney to another person is a part of planning for the future. Powers of attorney round out an estate plan to allow some flexibility to handle unforeseen circumstances when your ability to handle matters on your own is limited or compromised. A durable power of attorney can give you the peace of mind that your affairs will be handled even in the event of your incapacity. Though these topics are tough to address, our firm provides a warm and welcoming environment to handle these important matters and develop a comprehensive estate plan that can ease your stress and that of your family when you pass. The Law Offices of Yacoba Ann Feldman can help create an estate plan, including a power of attorney, that will fit you. To discuss your matter with a compassionate power of attorney lawyer, contact The Law Offices of Yacoba Ann Feldman.
What Is a Durable Power of Attorney?
A durable power of attorney allows people to say who can handle important matters financial matters for them when they can no longer handle matters for themselves. The person you appoint to handle assist is called the “agent” or “attorney-in-fact”. The powers granted to the agent are only effective only during your lifetime. The word “durable” means that the powers granted are effective even if you are incapacitated. Durable Powers of Attorney can be immediately effective or can become effective if a determination is made that you are incapacitated.
The details of what the representative can do under the power of attorney are up to the person creating it. Drafting can be broad, narrow, for a long period of time or for a short duration. The Law Offices of Yacoba Ann Feldman appreciates that not everyone has the same desires and helps clients create powers of attorney depending on their personal needs and wishes.
How does a Power of Attorney work?
There are some notable features to consider about a Power of Attorney. It can be revoked or amended at any time while the creator is competent. It can be a stand-alone document or used as part of an entire estate plan. When created along with a trust, it allows the grantor to control the handling of financial matters that might not be addressed by the trust
With a durable power of attorney, the designated representative can have the authority to do the following and much more, depending on the scope of the document:
- Make bank deposits, withdrawals, and other transactions
- Pay bills
- Buy and sell property
- Hire caretakers for your needs
- Deal with Social Security issues
- Transfer assets to a trust
- File tax returns
- Obtain medical records
- File medical claims
When deciding what authority you wish to pass on to your agent, it is important to discuss this matter with an experienced attorney. The Law Offices of Yacoba Ann Feldman has experience handling these and many other issues related to estate planning. Our firm can help you create an effective durable power of attorney in preparation for an unknown future.
Contact The Law Offices of Yacoba Ann Feldman
The Law Offices of Yacoba Ann Feldman has over 35 years of experience guiding individuals and families through all aspects of estate planning. It is important to consult with an experienced and effective attorney when making such serious decisions about the future. Our firm provides a comforting and warm environment to discuss and address topics that are hard to fathom. If you need a knowledgeable and compassionate power of attorney lawyer to ease your stress and help you make educated decisions about the topic, contact The Law Offices of Yacoba Ann Feldman for a consultation.