All people should have an estate plan prepared in their life so that they are prepared for anything the future may hold. This makes sure you are not caught off guard by any life events that can jeopardize your health, your loved ones, or the state of your assets. In doing so, many people choose to include a designated power of attorney. Continue reading below to learn more and contact an experienced New York estate planning attorney for guidance dealing with these matters.
What is a Power of Attorney?
It is understandable that people do not usually want to think about possibly becoming incapacitated. However, a plan should be in place should this happen. This includes choosing a power of attorney to take care of important life decisions if you are unable to do so for yourself. This can include paying bills, making bank deposits or withdrawals, obtaining medical records, filing tax returns, managing properties, transferring assets, hiring caretakers, and more. Most people choose someone that they love and trust such as spouses, children, parents, or a close friend/relative.
Are There Different Types of Powers of Attorney?
There are several different kinds of powers of attorney that can be appointed to serve their own purpose. This includes:
- Durable or Non-Durable Powers of Attorney: The difference between these two is that durable powers of attorney grant the agent total control over affairs for an unspecified time, starting when the person becomes incapacitated. A non-durable power of attorney is used only for specific transactions and their authority is limited to those transactions. Once the transaction is complete, the non-durable power of attorney ends.
- Medical Power of Attorney: These are created solely for medical-related situations, when a person is given permission to handle the medical affairs of another individual if they become unable to do so alone.
- Springing Power of Attorney: These are created for a sudden future event, such as 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.