I’ve Got the Power! (of Attorney)
Financially Ever After Widowhood
English - August 08, 2023 04:01 - 31 minutes - ★★★★★ - 33 ratingsKids & Family Business Investing Homepage Download Apple Podcasts Google Podcasts Overcast Castro Pocket Casts RSS feed
Brian Corrigan is a seasoned expert specializing in trusts, estates, and fiduciary litigation. He brings a wealth of knowledge from his experience handling a diverse range of Surrogate Court matters, including will contests, contested accounting, fiduciary removal and surcharge, and discovery proceedings. With a primary focus on the implications for financial matters, Brian explains how a power of attorney, or an attorney in fact, is pivotal in decision-making on behalf of someone who becomes incapacitated. He joins Stacy Francis to offer key insights into common challenges, New York's legal adjustments, and protective measures against potential misconduct.
The choice of a power of attorney plays a critical role, particularly in the context of financial decisions during incapacitation. It’s important to select a responsible and trustworthy person, capable of meticulous record-keeping.
Understanding the legal nuances and state-specific requirements related to power of attorney is a must. In the absence of a power of attorney, alternatives like guardianship proceedings, though expensive and invasive, may become necessary.
To counter potential misconduct or abuse by unscrupulous agents, it’s recommended to appoint a monitor who can review the transactions performed by the agent and ensure their propriety.
A contingent power of attorney can step in if the primary agent is unavailable. You should have clear and open conversations with potential agents about their willingness and understanding of the responsibilities involved.
Resources
Brian Corrigan on LinkedIn | Farrell Fritz | Email | T: 646-237-1804
Farrell Fritz
Defensive Estate Planning
Stacy Francis on LinkedIn | Twitter
Email: [email protected]
FrancisFinancial.com
Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!
Brian Corrigan is a seasoned expert specializing in trusts, estates, and fiduciary litigation. He brings a wealth of knowledge from his experience handling a diverse range of Surrogate Court matters, including will contests, contested accounting, fiduciary removal and surcharge, and discovery proceedings. With a primary focus on the implications for financial matters, Brian explains how a power of attorney, or an attorney in fact, is pivotal in decision-making on behalf of someone who becomes incapacitated. He joins Stacy Francis to offer key insights into common challenges, New York's legal adjustments, and protective measures against potential misconduct.
The choice of a power of attorney plays a critical role, particularly in the context of financial decisions during incapacitation. It’s important to select a responsible and trustworthy person, capable of meticulous record-keeping.
Understanding the legal nuances and state-specific requirements related to power of attorney is a must. In the absence of a power of attorney, alternatives like guardianship proceedings, though expensive and invasive, may become necessary.
To counter potential misconduct or abuse by unscrupulous agents, it’s recommended to appoint a monitor who can review the transactions performed by the agent and ensure their propriety.
A contingent power of attorney can step in if the primary agent is unavailable. You should have clear and open conversations with potential agents about their willingness and understanding of the responsibilities involved.
Resources
Brian Corrigan on LinkedIn | Farrell Fritz | Email | T: 646-237-1804
Stacy Francis on LinkedIn | Twitter
Email: [email protected]
Reach out to receive a complimentary consultation! Contact Francis Financial at +212-374-9008 or visit Francis Financial today!