Wills, Estates and Trusts Law – What Do I Need To Know About Power Of Attorney And Why It’s Important?
- A power of attorney grants power or authority to an agent or an attorney to act on your behalf in the event you become incapacitated or unable to act on your own.
- It is imperative that you give careful consideration to who you are giving this power to as they now have authority to act on your behalf and will make determinations about your assets as to how things are going to be done when you are unable to do so. It is really important that you trust this person explicitly.
- Power of attorney is revocable during your lifetime. You can also give it to someone else as well as limit their powers.
- You can give a limited power for that person just to act on certain things.
- Someone can have power of attorney just to carry out litigation, close a real estate transaction as well as many other functions.
This short informational estate planning video was provided by Nicholas Mattia, an experienced Jackson Heights Estate Planning Lawyer.