Long Island elder law lawyers provide help to clients in planning ahead in case they become incapacitated. A car accident, a stroke, or many other types of illnesses or injuries could cause you to become unable to act on your own and unable to manage your own assets. You need to make a plan for what happens if you cannot control your own money or property any longer, otherwise substantial financial loss could potentially occur. Mark S. Eghrari & Associates, PLLC can explain your options … [Read more...] about What is a Springing Power of Attorney?
Long Island elder law lawyers provide assistance with the creation of a power of attorney so you can control who is in charge of your assets in case of incapacity. When you create a power of attorney, you name an agent or an attorney in fact. This agent has a fiduciary duty to act on your behalf. Ideally, the person will be someone you can trust to manage assets and make decisions. When you name your agent in advance, you can talk with that person about your preferences so you can feel fairly … [Read more...] about What Happens if it is Too Late for a Power of Attorney?
Creating a durable power of attorney (POA) is a key part of making an incapacity plan. You must make certain you have a durable power of attorney in place if you want to control who makes decisions on your behalf when you are not able to act on your own any longer due to an injury or an illness. Mark S. Eghrari & Associates PLLC can help you to make a durable power of attorney that is legally enforceable and that provides protection both for you and for your loved ones. With a durable … [Read more...] about What Do You Need to do To Create a Durable Power of Attorney?
A durable power of attorney (POA) is one of the most important tools used in incapacity planning. A durable power of attorney means that you have designated someone as your agent, and your grant of authority to that agent will continue to stay in effect even when you are incapacitated. Understanding how a power of attorney works and what it means is very important for making advanced plans to secure your future. Mark S. Eghrari & Associates PLLC can help.Give us a call at (631) … [Read more...] about What does Durable Mean in a Durable Power of Attorney?
A power of attorney is a very important tool to plan ahead in case of incapacity. You can create powers of attorney in order to ensure your financial and business affairs are properly managed and can also create powers of attorney for healthcare in order to control who makes medical decisions for you. However, you need to be aware that when you create a power of attorney, you are placing your trust in the person who you select as your agent. The decision of who to name as your agent is a very … [Read more...] about Who To Choose as Your Agent When You Create a Power of Attorney
A power of attorney is created by a principal to give authority to a person who is designated as an agent. The agent, or attorney in fact has the ability to take actions on behalf of the principal. The agent essentially acts as if he was the principal. If the agent enters into a contract, for example, it is as if the principal has signed the contract himself. Power of attorneys serve many different purposes. For example, if you plan to be out of town when closing on a house, you can give … [Read more...] about What Is a Springing Durable Power of Attorney?
When Does a Power of Attorney Terminate from Mark EghrariA general power of attorney is one variation With a general power of attorney, you give the attorney-in-fact the ability to act on your behalf in a sweeping fashion. Learn more about Power of Attorney terminate in this presentation. … [Read more...] about When Does a Power of Attorney Terminate
You should prepare for the contingencies that you may face toward the end of your life when you are planning your estate. There are some realities that sober minded individuals must confront, and some of them may not be particularly pleasant. At the same time, you must address all eventualities if you want to be optimally prepared for the future. With this in mind, let's look at the matter of adult guardianship.Court Appointed RepresentativeA very significant percentage of senior citizens … [Read more...] about What Is the Difference Between a Guardianship and a Power of Attorney?
Incapacity planning should be part of the equation when you are planning your estate. Of course you want to arrange for the transfer of your monetary assets after you die. But what about the period of time that will precede your passing? You should prepare for latter life contingencies as well.Possible IncapacityMany people become incapacitated to one extent or another before they pass away. If you were to become unable to handle your own financial decision-making, who would act on your … [Read more...] about When Does a Power of Attorney Become Effective?
Powers of attorney are frequently used within the legal field. If you are granting a power of attorney you are called the grantor or principal. As the grantor you empower an agent or attorney-in-fact. This individual could act on your behalf in a legally binding manner.Creating a Power of AttorneyAny adult who is of sound mind can technically create a power of attorney. However, we are talking about a legally binding document. The wise course of action would be to retain a licensed lawyer to … [Read more...] about Who Can Create a Power of Attorney?