What is a Financial Power of Attorney?

Estate Planning Attorneys Help Families Prepare for the Unexpected

Photo of a power of attorney document

Kantrowitz, Goldhamer & Graifman, P.C. provides comprehensive estate planning services to clients with many different sets of circumstances. A durable financial power of attorney is a document authorizing one person to act on behalf of another in financial and personal matters other than health care. A health care proxy sometimes called a “durable power of attorney for health care”) authorizes an agent (in New York) to make important health care decisions or empowers a representative (in New Jersey) to enforce an Advance Health Care Directive.

Having a financial power of attorney can avoid the substantial expense, delay and hassle of waiting for the court to appoint someone to handle your finances in the event you become ill or incapacitated.

Regardless of the size of your estate, a durable power of attorney is an essential tool. We are a full service law firm and can work with you for all your estate planning needs, including a will, health care proxy and advance health care directive or living will.

 Why Would I Need A Durable Power of Attorney for Finances?

In the event that you are incapacitated by illness or injury, a durable power of attorney allows a person you choose and name ahead of time, to act as your agent or proxy. They would have the ability to manage your finances and property. It allows the agent to provide for medical expenses and other costs, as well as keep bills paid on time if you are unable to do so yourself.

Business owners and their families, in particular, greatly benefit when they have planned in advance for the unexpected. A financial power of attorney can keep a business running smoothly with minimal interruption if an owner or manager becomes ill or is in an accident.

Need to Contest Financial Powers of Attorney?

You likely have heard or read of someone who used a durable financial power of attorney to embezzle funds from a trusting person.  At KGG, we work to be sure that you understand the available ways you can protect yourself against any inappropriate use of a typically broad durable financial power of attorney.

Looking for Lawyers to Set Up Financial Powers of Attorney?

Our offices are conveniently in our Rockland County, NY and Bergen County, NJ communities. Call us toll free at (800) 711-5258 to make an appointment to meet with one of our estate attorneys. You can also reach us by filling out our online form. If you need an evening appointment, we will work to accommodate you.