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THE POWER OF A POWER OF ATTORNEY
W hen most people worry about their Estate Plans, their primary focus is on what happens after death. Many people are so focused on how to make things easier for their loved ones when they are gone that they often overlook what their loved ones might need to care for them while they are living.
The same people who are focused on what happens after death often consider a Power of Attorney an unnecessary expense in their estate planning. They may believe that adding a joint owner to a bank account or leaving a list of passwords is sufficient lifetime planning in the event of incapacity. Unfortunately, that is oftentimes not true.
Aside from writing checks and paying bills, what does a Power of Attorney allow your agent to do? While each document is entirely customizable to your individual needs and comfort level, a welldrafted Power of Attorney can allow your agent to manage your investments, file appeals with your insurance company, manage your real estate, engage in meaningful Medicaid planning, and file your federal and state tax returns— none of which your agent can do without a Power of Attorney.
If you do not have a Power of Attorney and you become incapable of managing your own affairs, the options are severely limited. Natalie Piscione, owner of Covelli & Piscione Law Offices, P. C., shares that“ the hardest part of being an estate planning attorney is having to turn away someone who desperately needs a Power of Attorney but does not have the legal capacity to execute the
document. This is especially true because the only other alternative to the Power of Attorney is a guardianship, which can be costly and timeconsuming for all parties involved, and places additional reporting requirements and fees on the court-appointed guardian.”
The time, cost, court appearance, and stress involved for your family in a guardianship proceeding far exceeds the initial investment of a Power of Attorney document. When you go into an initial consultation to discuss a Power of Attorney with an attorney, you should be prepared to discuss a couple of important aspects.
Be prepared to talk about the individuals in your life who would be best suited to handle your financial and medical decision making, and whether the same person is equipped to handle both the financial and medical aspects. You’ ll also want to think about who can serve as a backup to your Primary Agent. Consider whether there are any limitations you would want to place on your agent, and whether you would like to agree to give your agent access to your digital / electronic accounts, communications, and assets.
The team at Covelli & Piscione Law Offices, P. C. is well-versed in all areas of Power of Attorney drafting and can help you decide what type of“ lifetime” planning best fits your needs. You do not need to choose whether to lighten the burden for your family during your lifetime or after your death— estate planning attorneys can assist you in making things easier for your loved ones both as you age and after you are gone.
Attorney Natalie Piscione is a member of the National Academy of Elder Law Attorneys, and has been providing Estate Planning and Estate Administration legal services for nine years. The team of Attorneys at Covelli & Piscione Law Offices is experienced in several areas of the Law. For more information, call 412.653.5000 or visit covellilaw. com.
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