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Strategies & Market Trends : Estate Planning

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From: redfish	1/15/2005 9:29:39 AM
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A springing power of attorney is totally useless and should be avoided. Before it can take effect the bank or whoever would require a court order that finds the power has been "sprung." Since the purpose of the power is to avoid the need for a court overseen guardianship, you will have defeated your purpose in creating it. The powers given should be as broad as possible, once again to avoid the necessity of going to court and getting a court order. The power of attorney is a device to avoid a court-overseen guardianship, which can be very expensive. On another note, if you use a safe deposit box make sure a family member has access to it, otherwise upon your death they will need a court order to drill the box.

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