You can create a handy document called a power of attorney if you want someone to have the ability to deposit your checks at your bank, file your taxes or sell or mortgage your home. This simple document grants someone you trust – otherwise known as an “agent” or “attorney-in-fact” – specific powers to manage certain matters for you. In fact, New York State allows you to create powers of attorney to handle your medical and financial affairs. For more information on how you can create medical and financial powers of attorney, please continue reading, then contact an experienced power of attorney lawyer in Rockland County today.
What types of powers of attorney can you get in New York?
While one has many options when it comes to creating powers of attorney, most estate plans include the following documents:
- A financial power of attorney: This authorizes your agent or attorney-in-fact to manage your financial or business concerns, and
- A medical power of attorney: This authorizes your agent or attorney-in-fact to make medical decisions for you.
Even after their creator becomes incapacitated, these powers of attorney retain their effectiveness in most estate plans. In an ideal situation, a person engaged in estate planning would create both a medical power of attorney and a financial power of attorney. This would allow them to plan for the unexpected.
What steps do you have to take to create valid medical and financial powers of attorney in New York?
You must take the following steps to create legally valid powers of attorney:
- Use a statutory form, software or attorney to create the power of attorney: You must grant your agent the power to act for you with respect to real property, stocks and bonds, banks and other financial institutions, operation of entity or business, benefits from a governmental program or civil or military services, retirement plans and taxes.
- Notarize and witness the power of attorney: In the Empire State, those creating a power of attorney must sign the document in the presence of a notary public and two witnesses.
- Place the original document in a safe, accessible location: Store the original power of attorney in a safe place that your loved ones can easily access and let them know where to find it, once you have completed it.
- File a copy with the recorder’s office: You should file a copy of your power of attorney in the land records office in the county or counties where you own real estate if you initialed real property, giving your agent the power to conduct transactions with real estate.
- Consider giving a copy to financial institutions: Any banks or other institutions that your agent might need to deal with in the future should possess copies of your financial power of attorney.
Please do not hesitate to speak with a skilled Rockland County wills, trusts and estates attorney if you have any further questions.
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