Powers Of Attorney: Important Legal Tools For Effective Planning
For many individuals, considering end-of-life decisions can be challenging. As experienced estate planning attorneys, we encourage our clients to develop a comprehensive plan regardless of their health, wealth or age.
An estate plan is dependent on several documents including wills, trusts, beneficiary lists, living wills and powers of attorney. Powers of attorney are typically categorized as either financial or health care. At Berchem Moses PC, our lawyers can walk you through the development of these documents and explain the importance of each.
What These Documents Can Do For You
A power of attorney (POA) is a document in which you specify an agent or proxy who can make financial or health care decisions for you if you become incapacitated or are otherwise unable to sign paperwork. These documents can be as general or specific as needed, but you are placing your trust in your proxy to make decisions in your place.
While a POA often gives a proxy power to make financial or health-related decisions, it can also include more broad authorities, including:
- Handling tax matters
- Gifting assets to loved ones
- Creating and funding trusts
These are often referred to as durable powers of attorney because the agent retains control in the event of a person’s disability or incompetency.
Our legal team can assist you with crafting a power of attorney that is tailored to fit your situation. We offer comprehensive estate planning services, leveraging a long-standing legacy of excellence to provide top-quality legal services.
To learn more about this crucial estate planning document, or for legal insight into whom you should consider for your agent, call 203-783-1200 or email our firm today. We have offices in Milford and Westport.