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Creating a Power of Attorney is one of the most important elements involved in planning your estate. This legal document allows you to give another person the authority to handle your finances and make business decisions on your behalf. An experienced estate planning lawyer is able to guide clients through the process of drafting a Power of Attorney.

The Power of Attorney names a representative to act on your behalf. Without a Power of Attorney, in the event you become incompetent to handle your own affairs, it may be necessary for the Court to appoint a guardian or conservator, which is a long and costly process, and, in the end, the Court may not choose the person you would have preferred.

A Power of Attorney can be limited or general. A limited Power of Attorney gives someone the power to act on your behalf in particular situations and for specific periods of time. For instance, you could give someone the power to sign a check for you if you are going out of town. On the other hand, a general Power of Attorney is more broad and comprehensive, giving the person all the rights and powers you would have yourself.

A Power of Attorney can be Non-durable or Durable. A Non-durable Power of Attorney becomes ineffective once your doctor signs a statement saying that you are no longer competent to handle your business affairs. A Durable Power of Attorney remains effective in the event that you are no longer competent to handle your business affairs.

Furthermore, a Power of Attorney can give your agent the authority to act on your behalf immediately, or it can provide that your agent’s authority only becomes effective if your doctor signs a statement saying that you are no longer competent to handle your business affairs. The later is known as a “springing” Durable Power of Attorney.

If you are interested in a Power of Attorney, call the Albany office of Tully Rinckey PLLC 24 hours a day, seven days a week to speak with an estate planning lawyer at 518-218-7100.

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