Power of Attorney
It is important to understand the implications of power of attorney (POA), which refers to a request from you as the testator through signed documentation for one or more persons to act on your behalf in regards to business or personal affairs. This power is typically extended to your finances and property.
POA, as it pertains to property, is valuable if you are out of the country for an extended period of time or to ensure that whoever you have chosen has the right to access and handle your financial matters in your absence. The other practical function of POA is for personal care, sometimes referred to as a “living will.” This form of POA calls for the chosen individual to make decisions in regards to your health and personal well-being, including clarifying your wishes to medical and scientific professionals regarding measures taken to extend your life. POA is usually given to spouses or children.
Cohen LLP can assist in the preparation and execution of documents needed to assign POA and help you understand the legal implications associated with this power.
Signing a POA is important. Without a proper POA in place before your passing on, the government will then decide on who they feel is the best fit to make decisions concerning you and your estate; that can itself lead to a divisive situation for family and loved ones in the midst of your absence.