New York Wills - Legal Options


Power Of Attorney Information


Living Trusts

DID YOU KNOW ?

If I Give My Child A Durable Power Of Attorney, Do I Still Need A Will

A durable power of attorney is a powerful and useful document for allowing someone, known as the attorney-in-fact, to handle your estate during your lifetime.

The authority of the attorney-in-fact terminates upon your death, however. Therefore, your child would not be able to use the durable power of attorney as authority to distribute your estate.

Glossary Terms:

Pot Trust - A trust established for the benefit of minor children which typically remains undivided until the youngest child reaches age 21 (or age 18).

Charitable Remainder Unitrust - A type of charitable remainder trust requiring payments that are based on a fixed percentage of the net fair market value of the trust's assets be made from the trust to the non-charitable beneficiaries at least annually.

Charitable Remainder Annuity Trust - A type of charitable remainder trust requiring a specified amount be paid from the trust to the non-charitable income beneficiaries at least annually.

Talk to our New York Wills Lawyers for these above topic details.