POWERS OF ATTORNEY
A durable power of attorney is a written instrument in which you (the 'principal') appoint someone of your choice (the 'agent') to handle financial decisions on your behalf if you cannot, or choose not to, do so yourself. You can select the specific responsibilities, or powers, that you would like your agent to have. The powers you grant to your agent then permit them figuratively to "stand in the shoes" of you, the principal.
If you don't have a power of attorney and you are suddenly incapacitated, your family may have to go through an expensive and time-consuming court action to appoint a guardian to make decisions for you.
Having a durable power of attorney in place gives you peace of mind, reassuring you that in an emergency, someone you have chosen will have the authority to act for you.
It is important to note that the durable power of attorney document does not diminish the principal's power over his or her own assets; it simply provides power to the agent to act in addition to the principal. Furthermore, the agent's power cannot be exercised until the agent has possession of the original power of attorney document.
You can cancel or revoke a power of attorney at any time. All powers of attorney come to an end at the death of the principal. Your agent will have no power to make any financial decisions regarding your estate after you die.
Please contact the Law Offices of Bernadette M. Crowley at (718) 423-5500 or firstname.lastname@example.org for more information.