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Inside The Law
Powers Of Attorney
By: Robert C. Shea, Esq. and Dina M. Vicari, Esq. R.C. Shea and Associates
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In the past, you may have made an appointment with your attorney to prepare a last will and testament and living will, however, you may not realize the importance of a power of attorney. A power of attorney can be crucial during a time of disability. Additionally, a power of attorney can be useful if you are on vacation and unable to perform simple everyday decisions. A power of attorney can be useful for people of all ages.
A power of attorney enables you to name a trusted family member or close friend as attorney in fact. The power of the attorney in fact is determine by the type of power of attorney that you execute.
A durable power of attorney grants another person the ability to act on your behalf, regardless of illness. The scope of the durable power of attorney can be very broad, encompassing all financial, banking and personal decisions. For example, this power of attorney allows the attorney in fact to pay bills, borrow money, complete tax, medical and other forms for you. In addition, you may name an alternate attorney in fact if your first choice is unavailable to act on your behalf.
In contrast, a limited power of attorney is very narrow in scope. This would limit the attorney in fact's authority to act on your behalf only if you become disabled. While this document is executed prior to the onset of a disability, it can only be used if and when, but not before you become disabled. In order for the limited power of attorney to become effective, you may need a physician's written report to confirm you are disabled and unable to manage your personal and financial affairs.
You may need a power of attorney if you are out the state or country on vacation and require someone to act on your behalf. For instance, you may appoint a family member, close friend or your attorney as attorney in fact to complete a real estate closing. In this case, the power of attorney would specifi- cally outline the purpose, time period and extent of the attorney in fact's authority. This power would be only for the purpose of closing or selling and expire after the closing is complete. In addition, the specific property would be identified in the power of attorney, therefore limiting the closing power to only the specific property.
Whether you are traveling away from home, planning for the future or have a loved one with disabilities, a power of attorney can be the best way to ensure the appropriate decisions and duties are carried out for you or your loved ones.
The law firm of R.C. Shea & Associates is a full service law firm representing and advising clients in the areas of Estate Planning, Estate Litigation, Personal Injury, General Litigation, Real Estate Law, Medicaid Law, Medical Malpractice, Workers' Compensation and Wills, Trusts, and Powers of Attorney. Call or visit our firm at 732-505-1212, 244 Main Street, Toms River, Manchester area 732-408-9455, Brick area 732-451- 0800 or e-mail us at RShea@rcshea.com.
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