What are these powers of attorney?
A Power of Attorney is a written document in which a competent adult individual (the “principal”) appoints another competent adult individual (the “attorney-in-fact”) to act on the principal’s behalf. In general, an attorney-in-fact may perform any legal function or task which the principal has a legal right to do for him/herself.
The term “durable” in reference to a power of attorney means that the power remains in force for the lifetime of the principal, even if he/she becomes mentally incapacitated. A principal may cancel a power of attorney at any time for any reason. Powers granted on a power of attorney document can be very broad or very narrow in accordance with the needs of the principal.
Why is Power of Attorney so important?
Every adult has day-to-day affairs to manage, such as paying the bills. Many people are under the impression that, in the event of catastrophic illness or injury, a spouse or child can automatically act for them. Unfortunately, this is often wrong, even when joint ownership situations exist.
The lack of properly prepared and executed power of attorney can cause extreme difficulties when an individual is stricken with severe illness or injury rendering him/her unable to make decisions or manage financial and medical affairs. All states have legal procedures, guardianships or conservatorships, to provide for appointment of a Guardian. These normally require formal proceedings and are expensive in court. This means involvement of lawyers to prepare and file the necessary papers and doctors to provide medical testimony regarding the mental incapacity of the subject of the action. The procedures also require the involvement of a temporary guardian to investigate, even intercede, in surrogate proceedings. This can be slow, costly, and very frustrating.
Advance preparation of the power of attorney can avoid the inconvenience and expense of legal proceedings. This needs to be done while the principal is competent, alert and aware of the consequences of his/her decision. Once a serious problem occurs, it is too late.
The Power of Attorney can be effective immediately upon signing or only upon disability. Some examples of legal powers contained in the Power of Attorney are the following:
1. REAL ESTATE: To execute all contracts, deeds, bonds, mortgages, notes, checks, drafts, money orders, and to lease, collect rents, grant, bargain, sell, or borrow and mortgage, and to manage, compromise, settle, and adjust all matters pertaining to real estate.
2. ENDORSEMENT OF NOTES, ETC.: To make, execute, endorse, accept, and deliver any and all bills of exchange, checks, drafts, notes and trade acceptances.
3. PAYMENT OF NOTES, ETC.: To pay all sums of money, at any time, or times, that may hereafter be owing by me upon any bill of exchange, check, draft, note, or trade acceptance, made, executed, endorsed, accepted, and delivered by me, or for me, and in my name, by my Agent.
4. STOCKS, BONDS, AND SECURITIES: To sell any and all shares of stocks, bonds, or other securities now or hereafter, belonging to me, that may be issued by an association, trust, or corporation whether private or public, and to make, execute, and deliver any assignment, or assignments, of any such shares of stock, bonds, or other securities.
5. CONTRACTS, AGREEMENTS, ETC.: To enter into safe deposit boxes, and to make, sign, execute, and deliver, acknowledge, and perform any contract, agreement, writing, or thing that may, in the opinion of my Agent, be necessary or proper to be entered into, made or signed, sealed, executed, delivered, acknowledged or performed.
6. BANK ACCOUNTS, CERTIFICATES OF DEPOSIT, MONEY MARKET ACCOUNTS, ETC.: To add to or withdraw any amounts from any of my bank accounts, Certificates of Deposit, Money Market Accounts, etc. on my behalf or for my benefit. To make, execute, endorse, accept and deliver any and all checks and drafts, deposit and withdraw funds, acquire and redeem certificates of deposit, in banks, savings and loan associations and other institutions, execute or release such deeds of trust or other security agreements as may be necessary or proper in the exercise of the rights and powers herein granted; Without in any way being limited by or limiting the foregoing, to conduct banking transactions as set forth in section 2 of P.L. 1991, c. 95 (c. 46:2B-11).
7. TAX RETURNS, INSURANCE AND OTHER DOCUMENTS: To sign all Federal, State, and municipal tax returns, insurance forms and any other documents and to represent me in all matters concerning the foregoing.
You should contact your attorney to have a Power of Attorney Prepared, together with a Will, Living Will and other vital Estate Planning documents.
By: Kenneth Vercammen
Posts Tagged ‘Lawyers’
Power of Attorney
January 20th, 2010Attorney-Client Retainer Agreements
November 21st, 2009
Understanding Your Contract With Your Attorney
The main purpose of an attorney-client agreement is to outline the relationship between you (the client) and the attorney – primarily, how the client will be billed for what services.
In general, billing can occur in a number of ways – hourly, contingent, flat fee or a mix of these methods. Flat fees are obviously the easiest to interpret since you’ll know up front what most of your costs will be. Flat fees are typically found in uncontested divorce cases where the attorney can clearly define what tasks and services he or she will perform.
Contingent implies that charges or fees will be billed only under certain circumstances or when a particular event occurs. For example, the attorney-client retainer could state that 10% of your settlement will be due and payable to the firm. If there’s no settlement in your favor, there would be no 10% to pay. For the most part, contingent billing is considered to be unethical in divorce cases but are often seen in alimony cases or matters concerning unpaid child support.
Hourly billing can easily be the most expensive since you have limited control over the number of hours that are spent on your case. In addition, the method used to break down time increments can vary from firm to firm.
For example, many attorneys bill in tenths of an hour (.10) which is the equivalent of six minutes however some lawyers may bill in fourths, such as .25, .50, .75 and 1.0. What this means for you is that a two-minute phone call can either be billed as one-tenth of an hour (6 minutes) or one-fourth of an hour (.25) which can make a difference in your overall bill.
All agreements cover the basics such as charges for photocopies, telephone conversations and the like (all of which you will be charged for) and they will (or should) also spell out any additional charges that might accrue and any minimum billing requirements that might be in place. These agreements should also cover an ancillary charges such as mileage, parking and mailing fees. Domestic phone calls are billed by the hour for example, however any long distance fees will be added to the bill on top of the amount charged for the attorney’s time.
When an Attorney-Client Retainer Agreement is signed, the client (that’s you) is required to place an agreed upon amount called a “retainer” into an escrow account of sorts as payment for upcoming bills. This ensures that the bills will be paid and when the retainer amount runs low, you’ll be required to add additional funds to continue the attorney-client relationship.
To make sure you fully understand the agreement you’re about to sign, you’ll want to read it thoroughly and ask questions if you don’t understand any portion of the contract. Most attorneys will be happy to give you time to read through the agreement and are equally as happy to answer any questions you might have. If they’re not, keep looking for another attorney.
By: Jeremy Reither
Cost of DUI Attorney – Getting Your Money’s Worth and Getting a Great Defense Attorney!
November 3rd, 2009
Are you facing the charges of a DUI and you want to know what you might be able to do in order to get yourself out of it or at least get the lower penalties that are out there? Do you know what is necessary when it comes to the cost of DUI attorney and what you should be willing to spend? There are many attorneys out there, but that does not make them worth your money. Here are some tips to help you out.
First, when you consider the attorney you are going to hire price should not even be a factor. Sometimes the best ones are not the cheapest, but it depends on where you are in the country and what the local laws are in your area. Some of the best lawyers do not cost much as well, but it is a guarantee that someone in your area has a great reputation for getting people out of DUIs and that is who you want.
Second, the cost of DUI attorney can range from a few hundred dollars to a few thousand dollars. This, again depends on where you live and it also depends on the name attached to your attorney. The name is not always the most important thing and what you really want is the guy or gal that is known for making sure their clients get off or get the best deal possible in their situation. Ask around and you will find this person.
Last, when you are facing a DUI you could face a long license suspension, jail time, probation, and many dollars in fines so you need great protection and a good defense against these things. You need the lawyer that is going to get you a deal that you can live with without losing your job, your family, or your reputation.
By: Tom Macinaw