Tuesday, August 30, 2016

Power of Attorney in Elder Law

While drafting power of attorney is a relatively “small” affair, the language of the document can have significant long-term negative impact. The power of attorney is generally signed in advance of a person’s onset of a disability in order to name someone to “stand in her shoes” in order to manage all daily financial decisions should the principal become incapacitated. That’s where the agent — the person named to handle the affairs — steps in and takes command of a variety of business and daily transactions. The issue is that no one knows when he or she suddenly may become incapacitated. Failure to have the document in place prior to the disability renders the principal unable to execute a document when it’s most needed.

Read more: http://www.post-gazette.com/business/legal/2016/08/29/Elder-Law-Getting-the-right-power-of-attorney/stories/201608280049

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