Cone Marshall, the largest and most successful tax and estate planning law firm in New Zealand, recently sent representatives to discuss the role of power of attorney laws in estate planning cases. Because the Cone Marshall law firm employs experts in the field of estate taxes and planning, the leaders of the company are extremely interested in educating citizens and future attorneys regarding details of estate planning that they would not ordinarily be aware of. Representatives from Cone Marshall stated that the role of power of attorney laws in estate planning cases should be discussed with any client who wishes to open a trust account. By sharing the basic types of power of attorney laws that clients may wish to implement during trust establishment, representatives of the Cone Marshall law firm hope to offset any potential problems that may occur after the trust is established.
Development of Limited Power of Attorney
Cone Marshall representatives suggested that clients who wished to have other family members sign important documents or sign over a piece of property when the client was not in town to complete these tasks should make use of a limited power of attorney. Limited power of attorney laws allow family members or friends to make important legal decisions when the client is temporarily unable to do so. Limited power of attorneys are great options for clients who travel frequently. The limited power of attorney is temporal and the rights to sign documents usually transfer back to the client within a day or two.
Development of General Power of Attorney
Representatives from the Cone Marshall law firm stated that clients who are not seriously ill, but still need help to pay bills, sign documents, and legally consent to other important agreements. General power of attorney laws are comprehensive and usually end when the client has become seriously ill or dies. Cone Marshall representatives suggested this option for elderly clients.
Development of Springing Power of Attorney
Cone Marshall representatives also discussed the use of springing power of attorney laws. Springing power of attorney laws allow family members or specified individuals to make legal decisions regarding finances in the case that the client has become incapacitated or has died. Cone Marshall representatives stated that this type of power of attorney is best known by the general public and can be used to handle the affairs of loved ones in the event of untimely death.