Estate Planning: What to Know About Power of Attorney in Buffalo, NY?
A power of attorney allows you to appoint someone to help you with your financial affairs. Depending of what powers you want to give them, that individual can take care of your real estate, your bank account, paying your bills, an assortment of different things that you do, the individual that you’re appointing will be able to take care on your behalf. The usefulness of this document is tremendous. If you’re leaving the country for instance, you want to give someone a power of attorney to be able to act on your behalf here because you wouldn’t be able to do so outside of the country. A durable power of attorney allows you to have someone, in the event that you’re incapacitated, help you take care of your financial affairs, and it’s important if you’re up in age to have a power of attorney. That person that you’re appointing of course has to be someone who is trustworthy, usually a family member, a son or a daughter, and the reason why it is important is that if you don’t have the power of attorney, that individual does not automatically be a able or as qualified to act on your behalf. A guardianship proceeding would have to be brought, and a guardianship proceeding is a tremendous cost. Could cost you to 3,500.00$ to 5,000.00 dollars, they have to go through a guardianship process. A power of attorney typically is 175 dollars and here in county clerk’s office 85.00$ dollars… 84.00$ for recording it, it is far durable to have a durable power of attorney than any other type.