Although every estate plan is as unique as the individual who creates the plan, there are some common documents that tend to be found in the average estate plan. A power of attorney is one of those. You probably have some idea what a power of attorney is and how one works; however, do you know what a “durable” power of attorney is and do you need to include one in your estate plan? The Harrison estate planning lawyers at the Law Offices of Kobrick & Moccia explain a “durable” power of … [Read more...] about Do I Need a “Durable” Power of Attorney?
Powers of Attorney
One of the most well-known and commonly used estate planning tools is a Power of Attorney. There is a very good chance that at some point in your life you will execute a Power of Attorney (POA) and/or be named as an Agent in someone else’s POA. What happens though, if a third party refuses to honor a POA? The Harrison estate planning attorneys at the Law Offices of Kobrick & Moccia explain New York law regarding a third party’s refusal to honor an Agent’s authority under a Power of … [Read more...] about Can a Third Party Refuse to Honor an Agent’s Power of Attorney?
Without a doubt, a Last Will and Testament is the most commonly used, and universally recognized, estate planning document. A power of attorney, however, come in a close second. Few people make it through their lifetime without executing a power of attorney and/or being named as an Agent under someone else’s power of attorney. While a power of attorney, or POA, can be an extremely effective estate planning tool, it is imperative that you understand what a POA does, and does not, accomplish as … [Read more...] about Why Would I Need a Durable Power of Attorney?
One of the most commonly used, yet also commonly misunderstood, estate planning tools is a power of attorney. When used correctly and appropriately, a power of attorney can be a power and effective tool; however, when used incorrectly and inappropriately it can wreak havoc on your estate plan. The best way to ensure that any tool or strategy is right for your estate plan is to consult with your New York State estate planning attorney before you consider adding it to your plan. Knowledge is power … [Read more...] about Understanding the Different Types of Power of Attorney
At some point in your life you will likely decide to execute a power of attorney for one reason or another. A power of attorney, or POA, is a very common and seemingly simplistic legal document. Don’t let the apparent simplicity of a POA allow you to make errors when you create yours. Like all legal documents, it is wise to have an attorney draft the document for you to ensure that it is error-free. To highlight the importance of working with an attorney on your POA, consider the following five … [Read more...] about Mistakes to Avoid in a Power of Attorney
A power of attorney is one of the most commonly used legal agreements, particularly in the area of estate planning. Whether you are considering executing a power of attorney and appointing someone as your Agent, or you have been asked to act as an Agent under a power of attorney executed by someone else, you should understand the role of an Agent as well as know who can act as an Agent under a power of attorney. Although you may not stop and think about it often, there is likely something you … [Read more...] about Who Can Act As an Agent under a Power of Attorney?
Given the numerous and varied uses for a power of attorney, there is a very good chance that you will wish to create one at some point in your life. Like many people, you may be tempted to download a “fill-in-the-blank” form or purchase a “do-it-yourself” kit from your local stationary supply store when the time comes that you need a power of attorney, or POA. While it may seem like a way to save both time and money, going the “DIY” route all too often actually ends up costing you, or your loved … [Read more...] about What Is a Good Power of Attorney?
If someone has appointed you as an Agent under a power of attorney, or POA, you may have a number of questions about the manner in which you use your appointment, and the authority or power that was granted to you by the Principal (person who created the POA). These questions are all perfectly natural and common. One question Agents often ask is “Does a power of attorney permit me to make gifts to myself?” Though this may, at first, seem like an odd question to ask, it is actually perfectly … [Read more...] about Does a Power of Attorney Permit Me to Make Gifts to Myself?
Even the best legal protections can sometimes come with risks. For the most part, the benefits of staying current with your legal affairs outweigh any risks. Still, the risks remain. We’re often asked what, if any, disadvantages there are to having a power of attorney in Garden City NY. In our efforts of remaining transparent with each and every one of our clients, it’s important they understand not only the benefits of a power of attorney, but the risks too. First, we take a look at what … [Read more...] about Are There Disadvantages to a Power of Attorney in Garden City NY?
It is incredibly difficult to raise the topic of end of life considerations. At some point, someone will have to broach the subject, even if Mom or Dad have already made all of the necessary arrangements. It’s far different than retirement topics; these conversations have to do with funeral and burial arrangements, do not resuscitate orders, powers of attorney for medical decisions – the really tough topics. If you think about it and the mindset we’re in when we plan for retirement, it’s one … [Read more...] about Speaking of End of Life Choices