Powers of Attorney. Martin Shenkman
template for the form permits you to list specific assets that can be sold. So I indicated that my coin collection can be sold by the agent. What if I also had a stamp or art collection? Does the fact that I have expressly listed a coin collection, but not my stamp collection imply that I did not want the agent to sell other collections? Or is it an indication that I merely forgot to list them. What if I only had a coin collection when I created the power of attorney but started collecting antiques after the form was prepared? What can the agent do with respect to the unmentioned collection?
•The form permitted me to authorize my agent to deal with my law practice, but that might be a direct violation of professional ethics and standards. Separate provisions should be made to deal with any professional practice. If you are a psychotherapist, you should make provisions for an appropriately licensed professional to step in and contact patients if you are temporarily disabled, or to transition your practice if you are permanently disabled. While addressing this in the Rocket Lawyer form is a great idea for some home-based businesses, it can be dangerously inadequate for not only a licensed professional but for anyone whose business needs more significant succession planning. Having addressed this in a power of attorney might lull you into believing you have addressed the issue when you have not adequately done so. In many cases, a closely held business might be someone’s most important asset. Without proper succession planning (who can take over and how), the value of that asset can be jeopardized. If you engage an estate planning professional in this type of discussion, all these ancillary points can be addressed. If you have a partner, you need an agreement to address succession. If you have a valuable business, you need adequate disability and life insurance to protect your loved ones. These issues are the stepping stones to an estate plan that will truly protect you and your loved ones. These matters are ancillary to the power document, but vital to your security.
These comments only address the first 1½ pages of the Rocket Lawyer power of attorney. The remaining 13½ pages have similar issues. So while the document is comprehensive and inexpensive, what do you really need to protect yourself? What will you miss if you attempt to fill in the document on your own? If you decide to go the Internet route, spend time learning about powers (or any other document you prepare on your own) and, most important, learn the danger points of when you really need to get professional help.
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