Page 28 - M A Connell Funeral Guide
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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 any
your choice of individual to act on your estate plan is the last will and testament.
behalf in making financial decisions and This document will serve many important
managing your financial affairs in the purposes, including providing for how
event that you are unable to do so. A your assets should be disposed of at your
POA may be effective immediately upon death, choosing fiduciaries to administer
its execution, or else “springing”, such your estate (and any trusts created
that it will not be effective until you are thereby), and selecting guardians for any
certified to be incapacitated. The POA minor children. In the absence of a last
may be limited in its scope (i.e. giving will 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 of a
have to bring a formal guardianship parent and child. Many couples expect
proceeding to exercise power over your or desire that their surviving spouse will
financial affairs in the event of incapacity. inherit their entire estate. Without a will,
Guardianship proceedings are expensive however, the property of a decedent will
and uncertain, and there is no guarantee be split 50% to the surviving spouse, and
that the outcome will be that which you 50% to the children who have survived
would have desired if you were able to the deceased spouse. In the event those
speak for yourself. As with all aspects children are minors, the Surrogate’s Court
of estate planning, it is best to think of will appoint a guardian an item for the
these issues and make the decisions for children, and the property will be held
yourself, or you may find the state making in trust for the children until they reach
them for you. the age of majority, and the property will
then be distributed to the children.
Page 28 - M. A. Connell Funeral Home
