What is a power of attorney?
One of the most important parts of a comprehensive estate plan in the state of New York is a power of attorney. This is a legal document that gives another person the authority to act on your behalf for matters that may be of financial, medical, or of other important nature.
Who should have a power of attorney?
Many people are under the misconception that a power of attorney is only necessary for people who are incapacitated. While this is an incredibly important tool to have in the event that you are incapacitated, it can also be useful in a number of other scenarios. Some of the reasons that you may need a power of attorney include the following:
- If your signature is needed for an event that you can’t be present at, such as a business deal or a real estate closing
- Military spouses who may have to handle legal, financial, or other matters for a deployed spouse
- Spouses who will be apart for an extended period of time and would like to ensure that they can handle any unexpected matters that may arise
- In the event of unexpected incapacitation, you may need someone to handle your estate
Different Power of Attorney Options in New York
In the same way that there are a number of reasons that you may need a power of attorney, there are also a variety of options for the type of power of attorney that may fit your situation best. The different power of attorney options in the state of New York are as follows:
- A general power of attorney, which allows your agent to do anything you would, such as filing taxes, taking a loan, or executing a contract. This type of power of attorney is effective immediately and expires upon your incapacitation or death.
- A durable power of attorney, which provides your agent the authority to do anything they would be allowed to with a General POA, but it remains in effect if you become incapacitated.
- A limited power of attorney, which only grants the agent authority to perform very specific actions, such as buying a house.
- A springing power of attorney, which only goes into effect upon a triggering event, such as becoming incapacitated.
If you have questions about executing a power of attorney in the state of New York, it is important to consult with an experienced attorney. Contact our 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.
