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behalf in the event of your incapacity. proceeding to exercise power over
In the absence of such an instrument, your financial affairs in the event of
your healthcare provider may not have incapacity. Guardianship proceedings
the proper guidance as to who you are expensive and uncertain, and there
would trust to make these important is no guarantee that the outcome will
decisions, or information how to be that which you would have desired
contact the person who you would if you were able to speak for yourself.
designate. By preparing a healthcare As with all aspects of estate planning,
proxy, you will assist your physicians it is best to think of these issues and
and nurses in providing the care that make the decisions for yourself, or
you would want to receive if you were you may find the state making them
able to speak for yourself. for you.
Power of Attorney Last Will and Testament
Equally important is the power of The most important and ubiquitous
attorney or “POA”. The POA allows document that is a necessary part of
your choice of individual to act on your any estate plan is the last will and
behalf in making financial decisions testament. This document will serve
and managing your financial affairs many important purposes, including
in the event that you are unable providing for how your assets should
to do so. A POA may be effective be disposed of at your death, choosing
immediately upon its execution, or fiduciaries to administer your estate
else “springing”, such that it will not (and any trusts created thereby), and
be effective until you are certified selecting guardians for any minor
to be incapacitated. The POA may children. In the absence of a last will
be limited in its scope (i.e. giving and testament, the laws of intestacy
authority to a certain family member of the State of New York will apply.
to run your small business), or may This can lead to numerous problems.
give complete authority to the agent. Perhaps the most frequent issue that
Without a POA, your loved ones would arises in such a case is the conflict
have to bring a formal guardianship of a parent and child. Many couples
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