If you want someone to have the ability to deposit your checks at your bank, file your taxes or even sell or mortgage your home, you can create a handy document called a power of attorney. A power of attorney is a simple document that grants specific powers to someone you trust – called an “agent” or “attorney-in-fact” – to handle certain matters on your behalf. In fact, in New York, you can create powers of attorney to handle your medical and financial affairs. If you would like more information on how to create medical and financial powers of attorney, please read on, then contact one of our experienced Putnam County powers of attorney lawyers today. Some questions you may have include:
What types of powers of attorney are available in New York?
Those interested in creating powers of attorney have a wide array of choices, but many estate plans include the following documents:
- A financial power of attorney: This document allows someone to handle your financial or business concerns, and
- A medical power of attorney: This document allows someone to make medical decisions on your behalf.
In the majority of estate plans, these powers of attorney retain their effectiveness even after their creator becomes incapacitated. Ideally, those engaged in estate planning would create both of these documents in order to help plan for the unexpected.
What are the steps for creating medical and financial powers of attorney in New York?
To create legally valid powers of attorney, you must:
- Create the power of attorney using a statutory form, software or attorney: Using a form that the state legislature drafted, you must grant your agent the power to act for you with respect to:
- Real property
- Stocks and bonds
- Banks and other financial institutions
- Operation of entity or business
- Benefits from governmental programs or civil or military services
- Retirement plans
- Notarization/Witnessing: The person making a power of attorney must sign the document in the presence of a notary public and two witnesses.
- Store the original power of attorney in a safe place: Once you have completed the power of attorney, store the original in a safe place that your loved ones can easily access and let them know where to find it.
- Give a copy to your agent or attorney-in-fact: Your agent should possess a copy so that they are familiar with its contents.
- File a copy with the recorder’s office: If you initialed real property, giving your agent the power to conduct transactions with real estate, you should file a copy of your power of attorney in the land records office in the county or counties where you own real estate.
- Consider giving a copy to financial institutions: You can give copies of your financial power of attorney to banks or other institutions that your agent might need to deal with in the future.
If you have any further questions, please do not hesitate to speak with a skilled Putnam County estate planning attorney immediately.
Contact our Firm
If you or a loved one needs assistance creating an estate plan, contact the Law Office of Andres D. Gil, PLLC today.