There is a lot that goes into estate planning. For example, in addition to creating a will, you may also want to create an advance healthcare directive and a power of attorney, among other documents. But, the decisions do not end there. There are different types of powers of attorney. It is important to do your research and speak with an experienced estate planning attorney so that you can create a complete and thorough estate plan that meets your individual needs. Read on to learn more about the different types of powers of attorney available in New York.
What is a Power of Attorney?
A power of attorney gives an individual the legal right to handle specific aspects of another individual’s life under certain circumstances. These responsibilities are often given to a loved one. Typically people choose a spouse, child, parent, close relative, friend, business partner, etc. When appointed, this person can pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more. This is important in the event that you are no longer able to make these decisions for yourself.
What are Different Types of Powers of Attorney?
Every situation is different, so there are different types of powers of attorney. Each type of power of attorney serves its own purpose and allows the individual a different set of rights. The type of power of attorney you choose to appoint can vary depending on the desires you have. The most common types are as follows:
- Durable or Non-Durable Powers of Attorney: A durable power of attorney grants the agent total control over affairs for an unspecified time. This begins at the moment of incapacitation. A non-durable power of attorney is only used for specific transactions and their authority is limited to just that. Once the transaction is done, the non-durable power of attorney ends.
- Medical Power of Attorney: These are created only for medical-related situations. The agent is given permission to take care of any medical affairs when the individual is unable to do so for themselves.
- Springing Power of Attorney: These are created in the event of a sudden future event. This may be an injury or mental condition that causes a person to become incapacitated.
If you are interested in creating a power of attorney, contact our firm today. We are here to walk you through all of your estate planning needs.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wish to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.