If you have begun the estate planning process, you likely have a lot of questions. It is important to do your research and speak with an estate planning attorney in order to create a successful and comprehensive estate plan. A major aspect of an estate plan is a power of attorney. This is one of the most important documents you can make, so it is a big decision. Read on for more information regarding the different types of powers of attorney in New York.
What is a Power of Attorney?
You may appoint a loved one to make important decisions on your behalf in the event that you can no longer make these decisions yourself. This is called a power of attorney. When appointed, depending on the type of power of attorney you choose, this person will be able to pay your bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more. For the most part, people choose a loved one to entrust with this responsibility.
What Are the Different Types of Powers of Attorney?
There are different types of powers of attorney for different situations. You can choose from a number of different types depending on what will best suit your needs. The four main types of powers of attorney include:
- 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.
If you are interested in creating a power of attorney, contact our firm to discuss your options. We are here to walk you through all of your estate planning needs.
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The Lauterbach Law Firm is proud to serve clients throughout Rockland County who are faced with legal matters related to estate planning, real estate, foreclosure defense, landlord-tenant law, business law, and criminal defense. If you require the services of an experienced team of attorneys, contact The Lauterbach Law Firm today to schedule a consultation.