Estate administration is a process that people use to plan for their assets and possessions after their death. This process will allow their possessions to pass on from their ownership to someone they designate it to. This can be beneficial to the beneficiary, the person who receives the asset from the deceased. Whether the item has sentimental value or proves to be a good monetary asset to have, it can benefit them. This determines the deceased’s distribution of assets.
A power of attorney is an individual that is involved in big decisions for someone who is dying or approaching an incapacitated state when they cannot make decisions for themselves. Individuals are able to name their own power of attorney. They can name a family member, trusted friend or anyone else they wish to make decisions for them. People are advised to name someone that they can rely on. A power of attorney has important decisions that regard your life, not theirs. This means that you need to be able to trust them with making these decisions to for your best interests. This person acts as an agent for your well-being. They legally have the authority to make decisions for you. However, you can be the one to limit their power. When you name a power of attorney, you can choose to give them as much power as you would like.
What are the different categories?
Power of attorneys can be categorized based on the amount of power they are given by the individual they are making decisions for. They can be broken up into different categories based on the decisions they must make and the aspects of the individual’s life that they are in charge of. A general power of attorney has the authority to conduct the same fiscal actions that you would perform. These actions can include filing taxes, executing contracts and borrowing money. A limited power of attorney is just that. They have more limited power in comparison to a general power of attorney. A limited power of attorney is limited to certain actions that you choose. A durable power of attorney allows them the authority to make decisions about your end of life care. When you are unable to make decisions due to the incapacity to do so, your durable power of attorney can decide for you. A springing power of attorney can come into power after a triggering event occurs. These events can involve a medical emergency or physical disability.
The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.