Establishing Power Of Attorney
Most people would rather not leave their finances to chance. Whether because of incapacity due to injury or illness or simply because an individual is unable to be present for certain financial matters, most people rest a lot easier knowing that someone they trust is taking care of their bills and making other financial decisions on their behalf.
At Koldin Law Center, P.C., we make sure your finances are well taken care of by helping you, the principal, establish a power of attorney. The power of attorney document gives someone else, known as the agent, legal authority to manage your finances. Through the use of different powers, provisions and riders, people can ensure control over their finances even when they are physically unable to.
Different Types Of Powers Of Attorney
There are two main types of powers of attorney: durable and springing. While a durable power of attorney can give an agent control over a principal’s assets before and after incapacity, a springing power of attorney is triggered only when incapacitated or when some other specified condition takes place.
At our law firm, our lawyers will explain this distinction carefully and make sure you fully understand what you are agreeing to before you sign any document. We will advise you on all your options, helping you determine which is best for your situation.
Maintaining Control Over Your Future
In addition to the two types of powers of attorney, an individual can exert even further control over his or her finances by including specific provisions that limit the agent’s duties. Riders, such as gift riders, are also helpful as they dictate where specific funds should go.
It’s important to note that a power of attorney does not cover health care decisions. These decisions must be assigned using a health care proxy, sometimes referred to as medical power of attorney, which is another estate planning document our lawyers have considerable experience handling.
Get Started Today – Contact Our Firm
At Koldin Law Center, P.C., we pride ourselves on helping clients in central and western New York manage their affairs and provide for themselves even if they cannot because of illness or injury. We know we can do the same for you. To schedule a free initial consultation with one of our skilled lawyers, call our East Syracuse office at 315-314-3205 . You may also contact us online using this contact form.