All good estate plans should contain a Durable General Power of Attorney. The Power of Attorney allows you to appoint an individual to transact business on your behalf, such as banking, paying bills, conveying real estate and engaging in future financial planning. A Power of Attorney can be as broad or specific as you wish. In the event of a long term illness, the Power of Attorney allows an Agent to make sure all of your regular business is taken care of without interruption. Depending on your circumstances, you may wait to deliver the Power to your Agent until such time as your situation dictates. Agents should know that refusing to honor a valid Power of Attorney is against the law in New York. However, the person accepting the Power from your Agent may wish to confirm their identity, and speak with you, if possible. A Power of Attorney is only valid when you are alive and cannot be used by your Agent after your death. Many individuals do not realize this and continue acting as Agents after the Principal’s death. Your file should contain instructions to the Agent regarding this matter and the Agent should consult with your attorney if they have any questions. |