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:
- 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.
- 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.
- 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
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.