Life is unpredictable, and you can’t account for every development. Nonetheless, you can prepare for a large number of eventualities by creating a power of attorney. But how do you know what you will need to account for, and how will you plan for the unforeseen? If you want or need help preparing a power of attorney, please read on, then contact one of our skilled Putnam County powers of attorney lawyers to learn what a power of attorney is in the state of New York.
What is a power of attorney in the state of New York?
A power of attorney is a legal authorization, usually in the form of a legal document, that gives a designated person, termed the agent or attorney-in-fact, the power to act for another person, known as the principal. The agent may be given broad or limited authority to make decisions about the principal’s property, finances, investments or medical care. If it is specified in the document, a principal may designate more than one agent. It is often used when a principal can’t be present to sign necessary legal documents for a financial transaction. A durable power of attorney remains in effect even if the principal becomes ill or disabled and cannot act personally.
What are the types of power of attorney in New York?
Powers of attorney come in six different forms in the state of New York. Each has its powers and limitations. The types are as follows:
- Durable – remains in effect even if you become incapacitated
- Non-durable – ends when you become incapacitated
- Springing – only comes into effect when a certain specified condition is met
- General – the agent can act for you in all situations allowed by state law
- Financial – the agent makes decisions about your money and property
- Medical – the agent makes healthcare decisions on your behalf
As you may be able to infer, these powers of attorney are not mutually exclusive. You can mix and match them in order to meet your specific needs and desires.
Can you end a power of attorney in New York?
Yes. So long as you are of sound mind, you can revoke or terminate your power of attorney at any time for any reason. Furthermore, if you are no longer of sound mind, a court can remove an agent for acting improperly. Your agent cannot make healthcare decisions for you. All of this might sound complicated or confusing. If so, reach out to a skilled Putnam County estate planning attorney to hash out a power of attorney that works for you.
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.