Comprehensive Powers of Attorney - Part Three

Comprehensive Powers of Attorney – Part Three

On October 1, 2016, the Connecticut Uniform Power of Attorney Act will take effect. The following is a general overview of the use and benefit of powers of attorney, and in particular, the use and benefit of what we refer to at Massih Law, LLC, as “comprehensive” power of attorney.

What are some of the benefits of a Comprehensive Power of Attorney?

Here are three more of the biggest benefits associated with having a comprehensive power of attorney:

  1. Prevents delays in asset protection planning.

A comprehensive power of attorney should include all of the powers required to do effective asset protection planning. If the power of attorney does not include a specific power, it can greatly dampen the attorney in fact's ability to complete the planning and could result in thousands of dollars lost. While some powers of attorney seem long, it is necessary to include all of the powers necessary to carry out proper planning.

  1. Provides immediate access to critical assets.

A well-crafted power of attorney includes provisions that allow the attorney in fact to access critical assets, such as the principal’s digital assets or safety deposit box, to continue to pay bills, access funds, etc. in a timely manner. Absent these provisions, court approval will be required before anyone can access these assets. Digital assets are also important because older powers of attorney did not address digital assets, yet more and more individuals have digital accounts.

  1. Allows agents to talk to other agencies.

An attorney in fact under a power of attorney is often in the position of trying to reconcile bank charges, make arrangements for health care, engage professionals for services to be provided to the principal, and much more. Without a comprehensive power of attorney giving authority to the attorney in fact, many companies will refuse to disclose any information or provide services to the incapacitated person. This can result in a great deal of frustration on the part of the family, as well as lost time and money.

These are just a few of the many reasons for having a comprehensive power of attorney. Which benefits are most important depends on the situation of the principal and their loved ones. This is why a comprehensive power of attorney is so essential - nobody can predict exactly which powers will be needed in the future. The planning goal is to have a power of attorney in place that empowers a succession of trustworthy agents to do whatever needs to be done in the future.

Please call us if we can be of assistance in any way or if you have any questions about powers of attorney. We can be reached at (203) 651-5521.