Taxation & Estate Planning

What Is A Power of Attorney?

By Christopher L. Miller

A Power of Attorney is a document that can be used to appoint an individual (Attorney-in-Fact) to manage the affairs of another. This is useful for a time when people become incapable of managing their own affairs, whether through mental or physical disability. It is required that a person be competent to execute a Power of Attorney; an incompetent person may not validly execute a Power of Attorney. Thus, once a person becomes incompetent, it is too late. However, a Durable Power of Attorney executed while competent is not affected by subsequent incompetence and will remain in effect.

Why is it important to (more…)

Full post as published by Res Publicae - The New York Estates Blog on October 03, 2007 (boomark / email).