Powers Of Attorney
Burlington Estate Planning Attorneys
The term power of attorney refers to a legal document that appoints another individual to act in one’s place with regard to his/her financial affairs. The document can be limited to one specific act or circumstance or can be general and long-lasting in scope. One can elect that the power of attorney take effect immediately, or later upon disability or incapacitation.
Failing to have a power of attorney in place can be disastrous. If you do not have powers of attorney at the time you become disabled, and you do not have the capacity to create one at that time, court intervention will likely be necessary. An individual wishing to act on your behalf at that point would likely be required to file an application with the court to be appointed as your conservator or guardian. This process can be time-consuming, stressful and expensive. It is also possible that the wrong person could take control of your affairs, undermining your wishes or depleting your assets.
Proactive Steps To Protect Your Interests
A power of attorney can be revoked at any time as long as you have the mental capacity to do so. A power of attorney terminates at death, at which time your will and/or your appointed representative determines what happens with your estate.
In conjunction with the preparation of your power of attorney, you should consider other basic estate planning documents such as a will and living will (advance directive). The knowledgeable lawyers of Smith Magram Michaud Colonna, P.C., can help you put these important plans in place in a thorough but cost-effective manner.
Contact our Burlington law office today to set up a free consultation to discuss your estate planning needs. The initial consultation is free regardless of the value of your estate. Call 609-589-0649 or fill out our online form and we will respond soon.