Estate Planning Attorney in New York, New York
What is a power of attorney in estate planning?
What is a power of attorney in estate planning?
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so power of attorney is a
document
that is used during life
for
financial decision making
now there are what are called durable
power of attorneys which allow you to
grant your agent the ability to do
everything from
paying your bills collecting your income
tax transactions selling your home so
you can pick and choose or you can give
them everything allowed under the
statute
and there’s also what’s called a special
power of attorney or a limited power of
attorney that is specifically used for a
certain purpose let’s say you want them
to
sell your house or deal with the irs so
it’s limited to just that
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NY estates planning & probate attorney Russel Morgan, Esq. explains what a power of attorney is in estate planning. He mentions that a power of attorney is a document used during life to authorize someone to make financial decisions on one’s behalf. There are durable powers of attorney, which grant the agent broad authority to handle tasks such as paying bills, collecting income, conducting tax transactions, or even selling a home. The principal can choose to grant full authority under the statute or limit it to specific powers.
There is also a special or limited power of attorney, which is narrowly tailored for a specific purpose, such as selling a house or dealing with the IRS, and grants the agent authority only for that defined task.
