While much of the emphasis of estate plans is put on wills and trusts, Bronx estate administration lawyers can explain that it is just as important to consider the steps that should be taken upon a person’s incapacitation. Bronx estate administration attorneys may discuss the following topics with you regarding this subject.
Your attorney may define several terms that are common to these legal documents. For example, the principal is the person who makes the document. The attorney in fact or agent is the person who receives powers under the power of attorney document. Durable means that your attorney in fact will continue to have the powers you designated should you ever be deemed incapacitated.
Your Bronx estate administration lawyer will explain that a durable power of attorney may provide very broad powers or very narrow powers. There are certain common powers that the attorney in fact may receive, such as the ability to execute contracts on your behalf, file your tax returns, register your automobile, sell real estate, or conduct bank account transactions. A Power of Attorney can even be used to assist you in litigation such as evicting a Tenant from your home or executing a lease.
Designation of Attorney in Fact
Many individuals name their spouse as an attorney in fact. However, an attorney in fact can be any person that you trust. In some situations, for instance, a financial institution is given this designation.
Timing of Receipt of Powers
You ultimately decide when the power of attorney designation will begin. You can have it start immediately after executing the power of attorney document. You can even include a start and end date. Alternatively, you can choose for the designation to begin only in the case that you become incapacitated.
Speaking with an Estate Administration Lawyer
For help with your power of attorney drafting and execution, contact Rogers & Rogers, Esq. at 718-994-1640.