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The dusty, yellowing binder that holds your aging Will is sitting on your bookshelf or in a fireproof safe. Your eyes occasionally pass over it as you look for something else and you wonder “What do those documents even say?” before you move on to more pressing matters. To honor National Estate Planning Awareness Week, Paley Rothman is giving you 5 reasons to pull that dusty binder off your shelf and take a look.
Financial powers of attorney, while sometimes helpful, are not always perfect solutions to the problem of reduced capacity, or even the convenience of allowing someone else, often a spouse or child, to manage one’s finances.
A Power of Attorney (“POA”) is a document by which you (the “Principal”) give some other person (your “Agent”) the authority to do various things on your behalf. A POA can be a helpful document to have. There are several types; some POAs become effective at a date subsequent to the date it is executed and others are effective only for a specified period of time and/or only for certain specific purposes.