No one wants to plan for incapacitation. But, when it comes to estate planning, it is important to prepare for all possible outcomes. One of the best ways to plan ahead is by creating a power of attorney. A power of attorney allows you to give a trusted individual the ability to make important decisions on your behalf in the event that you are physically or mentally unable to do so. Read on to learn more about the different types of powers of attorney available in New York.
What Can a Power of Attorney Do?
Depending on the type of power of attorney created, the individual you choose may be able to:
- Making bank deposits, withdrawals, and other transactions
- Pay bills
- Buy and sell property
- File medical claims
- File tax returns
- Deal with Social Security issues
- Hire caretakers for in-home care
- Obtain medical records
- Transfer assets to a trust
What Types of Powers of Attorney Are Available in New York?
Everyone’s situation is different. As a result, there are a number of different types of powers of attorney (POA) that you can create. In New York, the following powers of attorney are available:
- General power of attorney: A general POA allows the agent to conduct the same fiscal actions you would perform. This can include filing taxes, executing contracts, and borrowing money.
- Limited power of attorney: A limited POA authorizes a person to take certain actions of your choosing. The agent’s authority is limited to these actions and only these actions.
- Durable power of attorney: A durable POA allows an agent to act for you to act in your stead regarding your end-of-life care. He or she can ensure that your wishes for medical care are followed and even take care of the finances related to that care.
- Springing power of attorney: A springing POA becomes effective after a triggering event, including your medical or physical disability.
In order to determine which power of attorney is best for your unique situation, you should reach out to an experienced estate planning attorney. Our firm understands the stress of estate planning and we are here to walk you through the process each step of the way.
Contact Our Experienced Firm Today
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.