Powers of Attorney

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          A power of attorney is a contingency plan.  If you ever become disabled or otherwise unable to handle your financial affairs, you can choose to delegate that power to another.  You can appoint anyone you wish, although this person is usually a spouse, relative, or close friend.

          You may delegate a general power to make decisions for all your finances, or may limit the power in any way you wish you wish. An expmple of such a limitation would be to limit the authority of the Agent named in the Power of Attorney to a particular act, such as the sale of a house, while your are on vacation or otherwise unavilable.

          It is extremely important that you consult a qualified attorney before giving anyone a power of attorney.  This is to ensure it covers only the assets you wish, and covers the contingencies you created the power for in the first place.

          Considerations when creating a power of attorney:

 

Why a Power of Attorney?

          A power of attorney allows your attorney-in-fact to manage your affairs when you are unable to do them personally, such as if you are traveling (or otherwise not present), incapacitated (such as mental or physical incapacity), or simply for your convenience.

When is it effective? 

          A power of attorney can be drafted to be effective immediately or only upon a specified date or event, such as incompetence or disability.

 What powers may be granted?

Any or all of the powers below may be given:

To manage your bank accounts

File taxes

Pay bills

Manage property

Invest assets

Collect Debts


          For questions regarding non-named powers, contact us at 201-943-2445

          A well drafted power of attorney provides the flexibility and peace of mind needed when dealing with your finances.

          At Avery & Avery, we make the process as simple as possible.  We take the time with all our clients to help them understand all the available options, and design a Power of Attorney that best fits their needs.

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