Planning for the future is incredibly important, which is why you should look into powers of attorney (POAs). These documents allow you to grant authority to another individual if you can’t act for yourself, either because of incapacitation or simply because you are busy. When weighing your estate planning options, you should choose the power of attorney(s) that best fits your needs. For more information on the types of POAs available in New York, please read on, then contact one of our experienced Putnam County powers of attorney lawyers today.
What types of POAs can you get in New York?
The different types of powers of attorney cater to unique situations. You may choose from several different types depending on what will meet your needs. Some of the most common types of powers of attorneys include:
- General power of attorney: This type of POA authorizes the agent to conduct the same financial actions you would perform, which can involve filing taxes, executing contracts and borrowing money.
- Limited power of attorney: This type of POA allows the agent to take specific actions of your choosing and only these actions.
- Durable power of attorney: This type of POA allows an agent to act for you regarding your end-of-life care, ensuring that your wishes for medical care are followed and finances related to that care are taken care of.
- Springing power of attorney: This type of POA becomes effective after a triggering event, such as medical or physical disability.
- Healthcare proxy: This type of POA lets you give someone the authority to make healthcare decisions for you if you can’t make them yourself.
What are the requirements for making a POA in New York?
For any POA to be valid in the Empire State, it must meet the following requirements:
- The person making a power of attorney understands “the nature and consequences” of the POA.
- The POA incorporates the required language.
- The document must be:
- Witnessed by two people who are not named as agents, and
- Signed before a notary public.
For the record, New York State allows the notary public to act as one of the witnesses.
Who may act as your agent in New York?
According to New York law, your POA agent can be anyone who is at least 18 years old and has mental capacity. By law, your agent must:
- Follow the instructions you’ve outlined in your POA
- Act in your best interests
- Keep your property separate from their own
- Disclose their relationship as your agent whenever they sign on your behalf
- Keep receipts for all payments and transactions they make on your behalf
Keep in mind that you will still need a will, so please reach out to a skilled Putnam County estate planning attorney.
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.