There are many different moving parts involved in your estate plan. One of them is a power of attorney. A power of attorney gives an individual the opportunity to appoint a loved one to be able to make important decisions related to financial or medical situations. It is important to note that there are multiple kinds of powers of attorney that are chosen depending on each individual’s desire. If you would like to learn more about powers of attorney, keep reading. It is also in your best interest to reach out to our experienced New York estate planning attorneys to discuss your case and your options.
What is a Power of Attorney in New York?
A power of attorney is when an appointed individual is given the legal right to manage certain elements of a person’s life in the event that certain situations arise. Typically, this authority is given to a loved one, like a child, parent, spouse, close relative, friend, business partner, etc. Once this person is appointed, they are able to pay your bills, make bank deposits and withdrawals, have access to medical records, file tax returns, buy or sell property, hire caretakers, transfer assets into trusts, and more. The main purpose of a power of attorney is to have someone who you can trust to be able to make important decisions on your behalf in the event that you are unable to.
What are the different kinds of Powers of Attorney?
There are several different types of powers of attorney so that individuals with varying circumstances can have options when appointing their loved one into this role. Each power of attorney chosen varies depending on what an individual will want from their power of attorney. Below are some of the most common types of powers of attorney:
- Durable or Non-Durable Powers of Attorney: A durable power of attorney allows the agent total power over affairs for an indefinite amount of time. This commences at the moment of incapacitation. A non-durable power of attorney is solely 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: This type of power of attorney refers only to 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 designed in the event of an unexpected future event. This may be an injury or mental condition that causes a person to become incapacitated.
Contact our Firm
If you or a loved one needs assistance creating an estate plan and wishes to speak with an experienced attorney, contact the Law Office of Andres D. Gil, PLLC today.