(PRWEB) October 15, 2013
The Law Firm of Pozzuolo Rodden, PC, Philadelphia Estate Planning Attorneys, announces the release of the article "Why a Durable Power of Attorney is One Of The Most Important Estate Planning Tools". If you would like to read more, please read the full article and other estate planning articles and business law articles at: http://www.pozzuolo.com.
Why A Durable Power Of Attorney Is One Of The Most Important Estate Planning Tools
As part of an overall estate plan, an estate planner should have a durable power of attorney document. They will save themselves and their family substantial time, money and stress by executing a durable power of attorney. By executing a durable power of attorney, they choose who will control their financial affairs in the event their health fails or in case of emergency. A durable power of attorney is an easy-to-setup backup plan that will serve an estate planner in the event he/she suffers a lifetime disability that leaves them unable to manage their affairs.
A durable power of attorney document is a legal document in which an estate planner authorizes someone else to act on their behalf. The person to whom the estate planner grants that authority is the agent. The agent is a fiduciary and generally held to a fiduciary standard. A fiduciary standard imposes legal and ethical responsibilities on their agent and is a high standard. An agent cannot act in his/her own personal interests ahead of his/her duty as agent. When considering who will be an agent, be sure to appoint someone who is prudent, responsible, trustworthy and able make clear decisions. An agent must be able to put the estate planner's interests first.
An estate planner should also consider appointing a co-agent and backup agents. For example, they may appoint two agents and grant them authority to act on their behalf only if they reach an unanimous decision regarding certain specific actions or singularly concerning certain administrative duties. They may also appoint a spouse as an agent, and in case their spouse dies before they do, they may appoint a child or children as a backup agent.
If you would like to read more, please read the full article "Why A Durable Power Of Attorney Is One Of The Most Important Estate Planning Tools" and other business law or estate planning articles by clicking here.
Contact our Philadelphia Business Law & Estate Planning law firm with your questions, comments or concerns.
Pozzuolo Rodden, P.C. provides specialized cost-effective legal services to privately held business owners and high-net-worth clients in Pennsylvania and New Jersey in excess of 35 years.
Practice Areas: Business/Corporate Litigation | Business/Corporate Law | Real Estate | Employment Law | Estate Planning | Tax & Pension Law
Please visit our web site dedicated to Business Law & Estate Planning: http://www.pozzuolo.com
Pozzuolo Rodden, P.C.
Counselors at Law
2033 Walnut Street
Philadelphia, PA 19103