When making your estate plan, determining your power of attorney is one of the most important facets that you need to cover. However, the state of New York recognizes different types of powers of attorney, so it is important that you understand the distinctions so as to select the one that is in your best interest. Continue reading to learn them all, and how a seasoned New York City powers of attorney lawyer at Zimmet Law Group, P.C. can help you in selecting one.
How does the state of New York define power of attorney?
In the state of New York, a power of attorney is a document that grants power to an individual, called an agent, whom you trust and who can act on your behalf should you ever become incapacitated and unable to do so on your own. The tasks that a power of attorney can do will depend on the type of power of attorney you create. Nevertheless, the following are some examples:
- Pay bills.
- Hire caretakers for in-home care.
- Obtain medical records.
- Transfer assets to a trust.
- Making bank deposits, withdrawals, and other transactions.
- Buy and sell properties.
- File medical claims.
- File tax returns.
- Deal with Social Security issues.
What are the different types of powers of attorney in the state of New York?
The state of New York recognizes four primary types of powers of attorney. They read as follows:
- General power of attorney: This power of attorney gives your agent the ability to conduct the same fiscal actions you would perform. This may include filing taxes, executing contracts, and borrowing money, among others.
- Springing power of attorney: This power of attorney is put into place after a triggering event relating to your medical or physical disability occurs.
- Durable power of attorney: This power of attorney allows your agent to act for you regarding your end-of-life care. That is, they can ensure that your wishes for medical care are followed and they can also take care of the finances related to that care.
- Limited power of attorney: This power of attorney gives your agent the authority to take certain actions of your choosing. In other words, your agent’s authority is limited to such actions.
If you are looking into putting a power of attorney into place, it is recommended that you reach out to one of the knowledgeable New York City wills, trusts & estates attorneys who can help you determine which type is best for your situation.
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If you require the services of an effective New York City attorney of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, or landlord-tenant law, contact Zimmet Law Group, P.C. today to schedule a consultation.