10 Things to Know About Powers of Attorney in Connecticut
Creating a power of attorney is an important part of estate planning in Connecticut. Yet many people do not understand exactly what a power of attorney is, what it does, or how it works. Our Connecticut estate planning lawyers can help. The following are ten things to know about powers of attorney in Connecticut.
- Power of Attorney is an Important Legal Document That Allows Another Party to Act on Your Behalf
A power of attorney is an important legal document through which you can name another person — an agent — to act on your behalf legally.
- Most Powers of Attorney in Connecticut are “Durable”
In Connecticut, most powers of attorney are “durable,” which means it remains in force even if you become incapacitated.
- Effective Date of a Power of Attorney Depends on the Circumstances
Most powers of attorney, or POAs, will take effect immediately, but you will still be able to exercise the same powers as your agent. In some cases, POAs are “springing,” meaning that they only spring into effect if you become incapacitated.
- Powers of Attorney are Revocable
As long as you have capacity, you can always revoke a power of attorney.
- Short Form and Long Form Powers of Attorney are Different
Connecticut has both short form and long form power of attorney documents. The short form does not describe power in detail and does not provide estate planning powers.
- Agents with Power of Attorney Can Handle Financial Affairs and Decisions
Agents in Connecticut with power of attorney can handle financial affairs and decisions. Some states also have what is known as a health care power of attorney, where the agent can make health care decisions when the person is unable to do for themselves. In Connecticut, this is known as appointing a health care representative.
- Agents with Powers of Attorney Have a Fiduciary Duty
Once a person is named as an agent in a power of attorney document, that agent has a fiduciary duty and cannot simply spend your money however they would like. At the same time, it is important to know that some agents do abuse their powers, so it is important to name a trustworthy agent (or agents) and to discuss any concerns with an estate planning and elder law attorney.
- Powers of Attorney from Other States will Likely be Recognized in Connecticut
Generally speaking, powers of attorney created in other states will likely be recognized in Connecticut, but it is important to be certain by speaking with an attorney and having the attorney review the existing power of attorney.
- You Should Keep Your Power of Attorney in a Safe Place
Once you have created a power of attorney, you should be sure to keep it in a safe place where others can also locate it. It is also a good idea to ensure that your estate planning lawyer and your agent (or agents) have copies, as well.
- You Should Review Your Power of Attorney Routinely with an Estate Planning Lawyer
While a power of attorney can last for your lifetime unless it is revoked, powers of attorney that were created a very long time ago can nonetheless raise questions. Accordingly, it is important to review any powers of attorney with your estate planning lawyer routinely, along with other estate planning documents.
Contact a Canton Estate Planning Attorney
Naming an agent in a power of attorney document is just one important aspect of estate planning that all adults in Connecticut should plan to do. Whether you have questions about power of attorney, concerns about the abuse of an agent’s power of attorney, or general inquiries about estate planning, an experienced Canton estate planning lawyer at the Law Office of Brian S. Karpe can speak with you today. Contact us for more information and to learn about how we can assist you with all of your estate planning needs.
Source:
cga.ct.gov/2019/pub/chap_015c.htm
