What is a power of attorney?
A power of attorney is one of the many aspects of creating a comprehensive estate plan in New York State. When an individual is no longer able to care for themselves or is in a situation where they can’t handle their matters due to certain circumstances, a power of attorney can serve as a very helpful tool. Though a power of attorney is often associated with individuals who are at the end of their life, these documents are not exclusively for such grim times. A power of attorney simply gives another person the power to act on one’s behalf.
Power of Attorney Categories
New York State has a few different options for a power of attorney. The various options are as follows:
- A general power of attorney allows the agent to conduct all of the actions that the individuals themselves would do. Some of these include filing taxes, executing real estate or business contracts, borrowing money, and handling all financial matters.
- A limited power of attorney can allow the agent to take certain actions on behalf of the individual as indicated in the agreement. The individual can give the agent as much or a little power as they would like to.
- A durable power of attorney allows the agent to act on behalf of the individual in the event that they become incapacitated and can no longer take care of matters on their own. This can ensure that the individual’s medical care is followed per their wishes at the end of their life and that all financial matters are taken care of as well.
- A springing power of attorney goes into effect when a triggering event occurs, such as one that results in the individual’s disability.
Who should have a power of attorney?
A power of attorney can be beneficial for business partners, married couples who are often separated, military families, and the children of ill or elderly people. If there is any chance that an individual will not be able to act for themselves due to a prior commitment or incapacitation, they should appoint another party to act as their agent through a power of attorney. It is important to choose someone who can be trusted with such power.
If you are thinking about appointing another person to act as your agent, it is important that they understand their responsibilities. For assistance creating a power of attorney, contact our firm today.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.