What is a Power of Attorney?

A power of attorney is a document authorizing someone else (your agent) to act on your behalf (the principal). The purpose of giving someone such a power in connection with your estate planning is to enable the agent to act on your behalf when you cannot act for yourself. A power of attorney prepared by an elder law attorney will typically contain special provisions allowing your agent to engage in Asset Protection Planning and Public Benefits Plannings on your behalf, including the ability to make unlimited uncompensated transfers in an effort to protect your assets from the forced liquidation that might otherwise be required if you were to enter a nursing home. ... more

A. A power of attorney is a document authorizing someone else (your agent) to act on your behalf (the principal). The purpose of giving someone such a power in connection with your estate planning is to enable the agent to act on your behalf when you cannot act for yourself. From an asset protection perspective, it is vital that your power of attorney include "asset protection powers," including the power to apply for public benefits such as Medicaid and the power to make unlimited gifts of your assets to your loved ones. Be very careful when signing a power of attorney to make sure that these provisions are included. ... more

A Durable Power of Attorney allows someone you name to carry on your legal, tax and financial affairs if you are unable to do so, without the need for a guardianship proceeding. A Power of Attorney for Health Care allows someone you appoint in advance to make your medical treatment decisions if you are unable to do so, without the need for a guardianship proceeding. A decision to withhold or withdraw life support systems can also be made under this power of attorney. An expression of your desires in this regard is often made in a separate Directive to Physicians, Surrogates or other Family Members. ... more

A Power of Attorney (POA) is a legal agreement which empowers a person with the authority to pass on this authority to another person or persons and making him the Attorney in Fact. This POA can be general (unlimited) or it can be of a limited nature, that is, the authority can be in all matters pertaining to the company or it can be limited to a specific function. The POA can also be time specific, that is for a fixed period in time with an expiry date or it can be in perpetuity. ... more

Powers of Attorney are governed by the law of agency, a branch of common law concerned with the delegation of power from one person, generally called the principal, to another, called an attorney-at-fact or agent. When a person becomes incapacitated, the government or the court often steps in and appoints someone to represent and make legal decisions that the person would have to take. One of the ways to avoid government or court intervention, and the appointment of a stranger to act as your guardian, is to use a Power of Attorney. A Power of Attorney is a written document stating that one person gives to another the full power and authority to represent him or her. It must be signed by both the attorney and the principal, witnessed by two people and notarized. ... more

A Power of Attorney is a grant of authority to another individual to act on your behalf. A General Power of Attorney gives another person, such as your spouse, child, or a trusted friend, the power to act on your behalf for almost all financial matters. For instance, if you were incapacitated, this would give someone else the power to pay your bills, deposit your checks, etc. If an individual does not have a Living Trust, a General Power of Attorney would be the main means of managing assets in the event of incapacity, absent the need for a court appointed Conservator. If an individual does have a Living Trust, that would be the main vehicle for managing assets in the event of incapacity, but a General Power is still usable to transfer assets to the trust, if necessary, and handle matters outside the purview of the Trustee, such as dealing with the IRS. ... more

A Power of Attorney is a document that gives another individual the ability to make decisions or sign documents on your behalf. A Power of Attorney is either durable or limited. A Durable Power of Attorney permits you to direct an individual (called an attorney-in-fact) to take control and care of all your business and personal affairs. It is typically used to make sure your personal and business affairs are taken care of should you become disabled. A durable power of attorney can take effect prior to your becoming disabled and will continue in effect until it is revoked in writing. A Limited Financial Power of Attorney permits you to direct an individual to take control of a specific transaction. Such transactions include, but are not limited to, transferring the title of a car, signing for another person in a real estate transaction, etc. It is not indefinite, typically expires on a specified date or when the transaction is complete and need not be revoked in writing. ... more

A Power of Attorney is a document executed by one person containing specific or general language authorizing another person to act on his or her behalf should he or she become incapacitated. The level of authority contained in the instrument is based on the wishes of the person who executes the Power of Attorney. The person nominated to hold such authority under the provisions of the documents is known as the "Attorney-in-fact" and is not necessarily a lawyer. In most instances the Attorney-in-fact is the spouse, parent or child of the person for whom the document has been created. A well drafted Power of Attorney in conjunction with a Health Care Proxy may eliminate the need to respond to the Probate Court for a Petition to appoint a guardian or conservator. Additionally, a well drafted Power of Attorney is essential for additional estate planning and liberal gifting to the Attorney-in-fact as the result of of a catastrophic illness requiring a Medicaid Qualifying Plan. Language conta ... more

A power of attorney is a document in which you designate another person or persons to act on your behalf. The Power of Attorney may be limited to only one or two matters or may cover all possible decisions that you would otherwise make for yourself, except for those relating to health care. The agent should be someone you trust. If the power of attorney is durable, it has immediate effect and lasts until you terminate it. If it is "springing," it only takes effect at some later date or upon some occurrence specified in the document, such as incapacity. A power of attorney is a very important document. Without it, your family or friends cannot, for example, communicate with Social Security or your bank on your behalf. Without a power of attorney, in some circumstances, a guardianship proceeding is required so that a representative may act on behalf of an incapacitated person. In New York, a power of attorney must be signed by the maker before a notary public. ... more

A Power of Attorney is a document used to appoint someone (called an agent) to handle your financial affairs for you. There are many different kinds of Powers of Attorney so you need to make sure that you have the one that is right for you. For example, there are General Powers of Attorney where you appoint someone to transact any kind of business you can transact, there are Limited Powers of Attorney where your agent only has the powers granted to him or her under the document such as the power to conduct a specific real estate transaction for you if you cannot attend the real estate closing, and there are Springing Powers of Attorney where the agent's powers are not effective unless certain conditions are met such as your disability. These are just a few examples. ... more