Power of Attorney and Estate Planning for Gay and Lesbian Couples "Provide for Your Loved Ones" www.njlaws.com By Kenneth A. Vercammen As average Americans, we work 80000 hours in a lifetime, or 45 to 55 years. In spite of all the resources and assets we earn, the vast majority do not take the time to create a Power of Attorney. National statistics indicate that 80% of Americans die without leaving a Will. Even more do not have a Power of Attorney. There are several reasons for this: fear of death; procrastination; and misinformation (people presume that only the rich or married with children need to have wills). Whatever the excuse, it is clear that people would benefit from having a Will. In the absence of a Power of Attorney or other legal arrangement to distribute property if you become disabled, your partner cannot pay your bills or access your assets. The result can be lengthy delays. Reasons to have a Power of Attorney 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. You may wish to sign a Power of Attorney giving your partner the power to handle your affairs if you become ill or disabled. The term "durable" in reference to a power of attorney means ...
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