It is fairly common for spouses to name each other on a power of attorney form. A power of attorney authorizes someone to act on behalf of someone in case of mental incapacity, illness or death. A power of attorney form is signed and notarized by the person authorizing control and power. Usually a power of attorney authorizes financial control so bills may be paid, real estate may be managed and in some cases so businesses may be managed as well. Each power of attorney authorizes specific rights and responsibilities.
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A power of attorney should only be assigned to someone who can be trusted completely to act in the best interests of the person who granted the power. Following a divorce a power of attorney given to a spouse is not automatically terminated. Some spouses may still want the ex-spouse to have power of attorney but more often than not, an ex-spouse is no longer a highly trusted individual.
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Experienced Estate Planning Attorney Elga Goodman can help you create a plan which protects your assets, saves tax consequences, and protects loved ones. Call us today at 973-841-5111.