When preparing an estate plan on behalf of a client, an attorney will typically advise the client to prepare powers of attorney. These documents give someone the legal right to act on behalf of an individual who is unable to make their own financial decisions due to incapacity. However, when a client’s family members live far away, or there are disputes in the family, appointing a person may not be easy. Since a power of attorney typically gives a person authority to make important financial decisions, it is important to work with someone who will handle your finances ethically.
Ordinary/General powers of attorney – can be limited or specific, and provides powers based on the time frame or specifics set out in the legal document. However, those powers do not extend beyond when the person becomes incapacitated or unable to communicate.
Durable powers of attorney authorizes the attorney-in-fact to continue acting on behalf of the person even if the person becomes incapacitated or unable to communicate.
As a professional appointment, the responsibility to handle financial affairs is one that must be taken very seriously. An attorney-in-fact has a fiduciary responsibility to make decisions based on what is best for the person who issued the power of attorney.
If you are in need of a licensed professional to manage your financial affairs, should you become unable, contact CB Fiduciary Services. CB Fiduciary Services has experience handling a broad range of financial matters for individuals and businesses.