Due to the fact that no one is able to predict the future, it is important to have a plan in place that covers all unforeseen circumstances. This ensures you are not left caught off guard at a critical moment in your life. There are many ways to prepare for possible incapacitation. One way this can be done is to appoint a power of attorney to ensure your medical treatment and other affairs can be taken care of. Continue reading below to learn more and contact an experienced New York estate planning attorney to help you prepare the right plan for you.
What is a Power of Attorney?
A power of attorney is a person who is chosen to be responsible for making certain decisions for an individual in the event that they are unable to do so themselves. This can include physical or mental incapacitation. When picking a power of attorney for yourself, it is important to be sure they are a person you can trust with your life and important affairs. Oftentimes, 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.
What are Different Types of Powers of Attorney?
When determining a power of attorney, it is crucial to understand that there are different types. 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 powers 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. They are 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.
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.