Palm Beach County Estate Planning Law Firm Managing Your Power of Attorney
Helping to guarantee your important decisions are made wisely
No one likes to think about being incapacitated. But if you have to spend a short stint in the hospital or you suffer a long-term illness, someone must be granted power of attorney to make crucial decisions about your estate and other financial matters. At Bankier & Arlen Law Group, PLLC, we have more than 30 years of experience helping individuals and families take this vital step in estate planning.
When should I appoint a power of attorney?
You can assign power of attorney to a spouse, loved one or anyone else you choose as a preemptive measure while you are still healthy and of sound mind. You can draft a financial power of attorney document to complement a living will. This is a simple way for that person to manage your estate and economic interests in case you become incapable of making such decisions on your own. You should specify for it to be a durable power of attorney so that it doesn’t end when you become incapacitated. Or you can decree that it only becomes valid when a doctor certifies that you are unable to function on your own — which is called a springing durable power of attorney. There are a number of specific responsibilities you can assign to your designated person, including:
Obviously, it is preferable to appoint someone you trust implicitly to act as your power of attorney, especially if you have a large estate. That’s one reason the attorneys at Bankier & Arlen Law Group, PLLC devote the time and attention needed to ensure your designee is the right person for this important task.
What happens if I don’t appoint a power of attorney?
If for any reason you become incapacitated without appointing a durable power of attorney, there is a good chance your case will go to probate, which is the legal process for settling your estate after your death. If you have not appointed a power of attorney, your property and other assets are inventoried, your debts are paid, and your heirs divide what’s left. Adam Bankier is particularly suited to handle this development for these reasons:
- He has a background in personal finance and is a certified public accountant.
- He also assists clients with tax returns, Florida estate tax returns and federal estate tax returns — helping them reduce their taxes through post-mortem planning.
- He has an in-depth knowledge of the state tax codes and probate laws for Florida, New York and Colorado.
Whether or not you have appointed a power of attorney for your estate, you can trust our attorneys to offer assistance that is knowledgeable, experienced and sensitive to your estate planning needs.
Contact our Palm Beach County probate law firm for advice about powers of attorney
If you need advice and assistance in appointing a power of attorney to ensure your wishes are upheld, call Bankier & Arlen Law Group, PLLC at 866.919.6329 or contact us online. We are always accessible, and we return your calls promptly.