Estate planning refers to making all the relevant arrangements to your estate and possessions, whether it’s long-term medical treatment or unexpected departure. Think of estate planning as a way to make sure only the right person gets complete control over your financial (and health) decisions. In Queens, “estate” can include vehicles, land properties, investments, bank accounts, jewelry items, furniture, and any item with value.
The power of attorney comes into the picture when people experience health crises or simply don’t have the requisite capacity to take care of their financial and legal affairs. A power of attorney in place allows you to appoint a professional third-party attorney to assume legal authority over your bank accounts, real estate assets, and money.
The power of attorney refers to a legal document that allows you to hire a third-party professional attorney. You can count on this attorney to represent you and make sure your wishes are fulfilled. The hard truth is that someone will have to take certain decisions on your behalf in the foreseeable future. Power of attorney makes sense when you decide to travel overseas. You don’t have to think in terms of worst-case scenarios. In fact, you can use power of attorney to appoint someone you trust to manage your finances and cover bills in your absence.
What You Should Do
Here are essential do’s of the power of attorney for the principal:
- Make sure the power of principal is free to act on his own volition
- Take your time and read the assigned restrictions and powers in Power of Attorney.
- Make sure your attorney keeps records of transactions on your behalf.
- Understand the timeframe for the power of attorney document to be effective.
- Make sure you have more than one copy of the power of attorney.
- Make sure the attorney keeps a thorough record of purchase receipts.
- Hire a professional lawyer and accountants that you can trust to take care of your finances and legal matters.
What You Should Avoid
Estate planning also allows you to minimize the overall tax impact on the inheritance. On top of all, if you want to resolve family disputes, estate planning allows you to be specific and cut out potential disagreements among family members and relatives.
No Estate Plan is Too Simple or Complex
Here are common elements the principal should avoid in the power of attorney:
- Make sure your attorney does not pay cash to cover expenses on your behalf.
- Don’t make the mistake of withdrawing cash from your power of principal account.
- Make sure your attorney doesn’t add his or her name to your financial accounts and property.
- Make sure your attorney doesn’t use debit or credit cards to cover personal expenses on your behalf.
- Make sure the attorney doesn’t make key payments without your consultation.
- Don’t change your beneficiary designations on all your financial accounts.
- Don’t assign property or money to anyone without consulting with your attorney.
- Don’t make the mistake of combining your money and property with the principal account.
Estate planning can come across as a tedious and complex process and this is where you should reach out to estate planning attorneys in Queens, NY. A professional and experienced lawyer can take care of your estate plan, documentation, and will fulfillment.
Without an appointed power of attorney, no one will be able to uphold your wishes. Also, don’t be lulled into believing that power of attorney is something you have to do in the last cycle of your life. When a high degree of uncertainty comes into play, power of attorney serves as an ideal solution. Through an experienced attorney, you can expect professional and prompt representation.
Life is full of good and bad surprises and the last thing you want is to experience doubt about your legal and financial issues. From business advice to estate planning to finance management, you can count on your attorney when you’re not available for any reason.