Page 27 - O'Shea Funeral Guide
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Power of Attorney the surviving spouse, and 50% to
Equally important is the power of the children who have survived the
attorney or “POA”. The POA allows deceased spouse. In the event those
your choice of individual to act on your children are minors, the Surrogate’s
behalf in making financial decisions Court will appoint a guardian an item
and managing your financial affairs in for the children, and the property will
the event that you are unable to do so. be held in trust for the children until
A POA may be effective immediately they reach the age of majority, and
upon its execution, or else “springing”, the property will then be distributed
such that it will not be effective until to the children.
you are certified to be incapacitated.
The POA may be limited in its scope The problems here are two fold -
(i.e. giving authority to a certain family first, the surviving parent will not
member to run your small business), have access to the funds in a time
or may give complete authority to of uncertain financial circumstances
the agent. Without a POA, your loved (unless the children give the funds up
ones would have to bring a formal upon reaching the age of majority);
guardianship and second, the children will receive
proceeding to exercise power over the entirety of such funds immediately
your financial affairs in the event of upon reaching the age of majority.
incapacity. Guardianship proceedings Even if the children are adults, in the
are expensive and uncertain, and there event there are any issues between
is no guarantee that the outcome will the surviving parent and the children,
be that which you would have desired the children may refuse to waive their
if you were able to speak for yourself. rights to inherit, and thereby deprive
As with all aspects of estate planning, the surviving parent of financial
it is best to think of these issues and support in their hours of greatest
make the decisions for yourself, or need.
you may find the state making them
for you. Another important purpose of a will
is the ability to create trusts for the
Last Will and Testament benefit of your loved ones. These
The most important and ubiquitous trusts can protect your prospective
document that is a necessary part of heirs from fraud, misappropriation
any estate plan is the last will and and waste. Additionally, in the
testament. This document will serve event any prospective heirs of your
many important purposes, including estate are disabled, recipients of
providing for how your assets should government benefits of subsidies,
be disposed of at your death, choosing trusts can provide additional support
fiduciaries to administer your estate and improve the lives of your loved
(and any trusts created thereby), and ones without jeopardizing your
selecting guardians for any minor beneficiary’s’ entitlement to those
children. In the absence of a last will benefits
and testament, the laws of intestacy
of the State of New York will apply.
This can lead to numerous problems. The Executor
Perhaps the most frequent issue that In New York State, any person over
arises in such a case is the conflict eighteen years of age and of sound
of a parent and child. Many couples mind may serve as executor of a
expect or desire that their surviving decedent’s estate. The executor is
spouse will inherit their entire estate. entitled to a statutory commission,
Without a will, however, the property payable on a sliding scale. The scale
of a decedent will be split 50% to is as follows:
O’Shea Funeral Homes - Page 27
