There are many different types of powers of attorney in New York. To learn what a power of attorney can do and the different types of powers of attorney available in New York, continue reading. If you require the assistance of an attorney for any estate planning needs, give our experienced firm a call today to learn more about our services and how we can assist you. We understand the stress of estate planning and are prepared to walk you through each step of the process ahead.
What can a power of attorney do?
The tasks that a power of attorney can do will depend on the type of power of attorney you create. The following are the different tasks a power of attorney will have the authority to do:
- 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 property
- File medical claims
- File tax returns
- Deal with Social Security issues
What are the different types of powers of attorney in New York?
There are four primary types of powers of attorney that can be created in New york. The following powers of attorney are available in NY:
- General power of attorney: A general power of attorney gives the agent the ability to conduct the same fiscal actions you would perform including filing taxes, executing contracts, and borrowing money.
- Springing power of attorney: A springing power of attorney is put into place after a triggering event relating to your medical or physical disability.
- Durable power of attorney: A durable power of attorney allows an agent to act for you regarding your end-of-life care. They can ensure that your wishes for medical care are followed. They can also take care of the finances related to that care.
- Limited power of attorney: A limited power of attorney gives the agent the authority to take certain actions of your choosing. The agent’s authority is limited to these actions.
If you are looking into putting a power of attorney into place, it is recommended that you reach out to an experienced estate planning attorney who can help you to determine which power of attorney is best for your situation. To learn more about the estate planning process, do not hesitate to reach out to our estate planning attorney who can walk you through the process ahead.
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Zimmet Law Group, P.C. is an experienced team of attorneys guiding clients through matters of estate planning and administration, divorce and family law, real estate, commercial litigation, business law, bankruptcy, and landlord-tenant law. If you require the services of an effective New York City attorney, contact our firm today to schedule a consultation.