You may need help making important decisions in your life should you ever, unfortunately, find yourself the victim of a tragic accident, serious medical diagnosis, or natural aging that leaves you mentally incapacitated. This is where a power of attorney may come in handy within your estate plan. Now, since there are an array of life decisions left for you to make, you may require varying powers of attorney. With all that being said, please follow along to find out why you should add more than one of these legal documents into your estate plan and how a proficient New York City power of attorney lawyer at Zimmet Law Group, P.C. can help you take appropriate action.
Why should I have more than one power of attorney in my estate plan?
Essentially, different powers of attorney may grant your appointed agents the authority to make distinct decisions. For one, a financial power of attorney may have your agent manage financial and property decisions on your behalf. This may entail depositing checks into your banking accounts, withdrawing funds from your banking accounts to pay bills, filing your tax returns, buying or selling real estate properties, and more.
Then, a healthcare power of attorney may allow your agent to make health-related decisions on your behalf. This may include deciding on whether or not you should receive or stop life-sustaining care, whether or not you should enter hospice or receive pain management treatments at the end of your life, and more.
How do I revoke my power of attorney, if necessary?
You may have made the agents of your financial and healthcare powers of attorney individuals whom you trust to work in your best interests. However, circumstances may change, and you may soon realize that this is no longer a good fit.
If this is so, you may take initiative and create a written document that clearly states your intent to revoke your power of attorney document. This likely must be signed before a notary public. Afterwards, you may need to provide your agent with a copy of this document, along with any other third party who received your original legal document, such as your financial institutions, your healthcare providers, and others.
Importantly, you may have established a limited power of attorney, which may only be effective for a defined period. So, if you believe revoking this legal document is not a pressing issue, you may simply wait until its expiration date. From here, you may execute a new power of attorney document and appoint a new agent you trust to fulfill this responsibility.
If you need legal representation fast, a talented New York City estate planning attorney is prepared to step up. The team at Zimmet Law Group, P.C. looks forward to meeting you, working with you, and helping you.
