As well as taking care of day-to-day financial concerns such as bill payments, someone you name as your power of attorney agent can do things with your estate plan as well. With help from an elder law attorney in Brick or where you are, you can ensure they can transfer assets to trusts, amend trusts or how assets are distributed between the trusts. They will not be able to change your will though. With the help of your lawyer, you can make it clear if that is something you want them to be able to do.
Setting guidelines for agents to make gifts
Gifts are something your agent can make as long as they meet the rules you lay out in the document. For example, you might want them to have the ability to handle annual exclusion gifts for your grandchildren. This is when an elder law attorney in Ocean County can ensure while this happens they do not face estate tax issues as a result. How much power they have depends on your situation, how much the estate is worth and other considerations including your location in the country. State laws vary and usually, it is the state you live in that dictates what actions and powers your agent can have. Should you have something of value in a different state you will need to talk to your lawyer to make sure your agent can also handle that property.
What happens if you change your address?
In most cases when you have an elder law attorney in Brick help with a power of attorney, it stays valid even when you move into a different state. You do not need to set up a new document just because you move. However, it might be worth reviewing what you have in place to make sure it meets your new state’s laws and takes into account changes that might have happened since the first was drawn up.
Does a power of attorney run out or have an end date?
It depends on where your power of attorney was written. A few states do expect it to be renewed for it to be legally valid. However, in most states it can be durable, meaning once it is signed it is valid until your death or until you revoke it to write a new one. Get together with your elder law attorney in Ocean County or your location every now and then to go over things. Think about whether the agent or agents you selected still fit, and ask about whether any changes in the law need to be taken into account. Sometimes a person might have a termination date on the power of attorney to lessen the chance someone takes advantage, or so that ex-partners or former friends do not get the power you no longer want them to have.
Summary
The power you give your agent is up to you and is something you can discuss in detail with your elder law attorney.
