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Home > Planned Giving > The Power of Attorney

The Power of Attorney

Do You Need a Power of Attorney?
Yes! In case of a sudden accident or illness, you'll want someone you trust to have the legal right to make financial decisions you would typically make, until you're able to make those decisions for yourself again.

A financial power of attorney is a legal document allowing another person or entity to act on your behalf, in terms of managing your finances and paying bills.
           
Instead of giving away power, you are actually keeping it—ensuring that if you cannot handle your affairs, your wishes will still be honored. You assign authority only for the types of transactions you desire. For example, you could have someone perform any of the following tasks:

  • Write checks
  • Borrow money
  • Sell assets
  • Manage property
  • Handle legal claims
  • Gain entry to safe-deposit boxes
  • Prepare and file tax returns
  • Deal with insurance and retirement benefits
  • Exercise stockholder rights
  • Contract for services
  • Make gifts to family and charitable organizations

You can choose whether the power begins now or only if you become mentally incapacitated (a springing power).

Browse more helpful estate planning tips.
           
A power of attorney must be signed by you and may need to be witnessed or notarized, depending on state law. Your selected representative, or agent, could be your spouse or adult child, a financial professional, or an organization such as a bank. Choose someone you trust to honor your wishes. If you select an individual, name a successor in case the first person predeceases you.
           
When Does This Document End?
This document is used only while you are living and becomes null and void upon your death.

Where Do I Go for Help?
Because the laws vary from state to state, consult an estate planning attorney for more information.

<>Learn more about how to prepare for the meeting with your attorney. <>

Please call Julie Snyder at 716-862-1992, or e-mail us at jsnyder@chsbuffalo.org, for more information.

Copyright © The Stelter Company, All rights reserved.

The information in this Web site is not intended as legal advice. For legal advice, please consult an attorney. Figures cited in examples are for hypothetical purposes only and are subject to change. References to estate and income tax include federal taxes only. Individual state taxes and/or state law may impact your results.