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September 20th, 2016

9/20/2016

If you are buying or selling a gas station, garage or other property with history of hazardous materials, you must comply with the CT Transfer Act. This is the best summary of that Act. http://www.ct.gov/deep

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SCOPE AND USEFULNESS OF THE POWER OF ATTORNEY

8/25/2016

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Connecticut law allows for a person to empower another to perform certain acts as if the person were doing the act themselves. The power of attorney identifies various business and financial transactions which may be delegated. Care should be taken to properly choose or eliminate the scope of the power of attorney. Often the power of attorney contains directions such as “Strike out and initial the opposite box any one or more of the subdivisions as to which the principal does NOT desire to give the agent authority.”

(A) real estate transactions;
(B) chattel and goods transactions;
(C) bond, share and commodity transactions;
(D) banking transactions;
(E) business operating transactions;
(F) insurance transactions;
(G) estate transactions;
(H) claims and litigation;
(I) personal relationships and affairs;
(J) benefits from military service;
(K) records, reports and statements;
(L) health care decisions;
(M) all other matters;

Powers of Attorney may be executed as part of real estate transactions to allow a transaction to proceed without the principal being present, as a part of a business transaction to empower an agent, or as part of a emergency plan addressing unconscious or incapacity scenarios in healthcare or estate planning. In fact, powers of attorney often state, “This Power of Attorney SHALL NOT be affected by subsequent disability of incompetence of the principal.” In healthcare or estate planning, power of attorney may come into play when the person is alive but unable to consummate the transactions identified in the power of attorney. Powers of attorney should be part of any estate plan.
Care should be taken that the power of attorney is properly executed with the appropriate witnesses and should be signed in front of a notary. If possible the document should be pre- approved by the person who is being asked to rely on the power of attorney to avoid any problems at the time of transaction.

11 Comments

September 20th, 2016

SCOPE AND USEFULNESS OF THE POWER OF ATTORNEY

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