Powers of attorney are agreements where a person is empowered to act on your behalf in matters of your estate, insurance, taxation, and other specified tasks.
There are two types of power of attorney agreements, immediate powers of attorney and springing powers of attorney.
With an immediate power of attorney, you give another person, often an adult child, rights to manage your property right away.
A springing power of attorney, on the other hand, is triggered by an incapacitating event, such as a health crisis that leaves you unable to manage your affairs.
Each type of durable power of attorney has advantages and drawbacks, so it’s important that you consult with experienced estate planning attorneys to understand the full ramifications of any power of attorney agreement.
The attorneys at Friedman & Ranzenhofer have been helping people in Buffalo prepare for an uncertain future for decades. Call us today at 716-542-5444 to speak to an experienced Buffalo estate planning attorney for free.