Our practice is dedicated to estate planning and elder law. We assist people who want to facilitate effective postmortem asset transfers, and we also help people who are concerned about the eventualities of aging. Incapacity is one of the contingencies that you may face as an elder, and durable powers of attorney are used to prepare for this possibility.
Most people are aware of the fact that a power of attorney is a legal document that can be used to name someone to act on your behalf in a legally binding manner.
A power of attorney that is not durable would no longer be effective if the grantor of the power was to become incapacitated. On the other hand, a durable power of attorney would remain effective, and this is why the durable designation is important.
When you create a power of attorney, you have options. You can grant a limited power of attorney that would give someone the power to act on your behalf under limited circumstances. With a general power of attorney, you could give someone the power to act on your behalf in a comprehensive, sweeping manner.
As the grantor of the power, you decide when the power of attorney will terminate. The power of attorney could terminate upon a particular date, or it could terminate when a particular event takes place.
For example, let’s say that you are a businessperson, and you frequently sign legally binding documents in your office. Circumstances require you to spend an extended period of time overseas.
You could grant a trusted associate a power of attorney to sign documents on your behalf in the office. The power could terminate upon your return from your business trip.
When it comes to a durable power of attorney that would be used for incapacity planning purposes, you would probably want the power to remain in effect throughout your life, because it is being created to address an end-of-life issue.
If you create a power of attorney to address latter life incapacity, you should understand the fact that it would terminate at the time of your passing. The agent that you empowered to handle your affairs while you were living would not be legally empowered to administer your estate.
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A durable power of attorney can be part of an incapacity plan that is embedded within a comprehensive estate plan. If you are currently unprepared, we you would be glad to assist you.
Our firm offers free consultations, and we can answer your questions and help you craft a personalized estate plan that leads to the fruition of your wishes. To set up an appointment, send us a message through our contact page: Smithtown NY Estate Planning Attorneys.