LA GRASSO | ABDO | SILVERI
Financial Power of Attorney
Financial Power of Attorney
What is it
Any well drafted estate plan should include a durable power of attorney. A durable power of attorney is a legal document that gives an individual (often referred to as an “Agent”), the legal authority to make financial decisions for you. The term “durable” refers to the power of attorney being valid even if you become incapacitated after signing it. This power can be general in scope (i.e., giving your Agent broad or general authority) or limited (i.e., giving your Agent the authority for a specified purpose). Should you become incapacitated, without a durable power of attorney in place, someone may have to go to probate court to be appointed a conservator to manage your finances. Not only can this be a cumbersome process for the individual doing it, but there is no guarantee that the probate court judge will appoint the person or people you would want to make your decisions for you.
How can we help
As an estate planning law firm, we can ensure the proper language is used within the document and that it adheres to state law. Additionally, we can serve as disinterested witnesses and notary to the document so that it has legal effect. Finally, we can discuss some important decisions that need to be made within the document. These decisions include:
- What powers you want the Agent to have;
- Whether you want the power of attorney to be effective immediately or only upon your incapacity;
- Who should serve as your Agent; and
- What the Agent’s duties and responsibilities are.
The attorneys at La Grasso, Abdo & Silveri, PLLC can help you proactively prepare documents that appoint the person or people of your choosing for your durable power of attorney.
