It can be difficult to think about the future. It can be especially difficult to consider a time in which you are unable to make important decisions for yourself. But, it is important to plan for all possible outcomes and be prepared for whatever the future brings. As a result, you may want to create a power of attorney (POA). This entails choosing a close friend or family member to take care of certain things and make decisions on your behalf in the event that you are unable. Powers of attorney can be used in other circumstances as well. For example, if you need someone to sign important documents on your behalf when it comes to buying a house or car. Regardless, you may be wondering how much control a power of attorney can give your loved ones. Read on to find out.
What Can a Power of Attorney Do?
Depending on the type of POA that you choose, a power of attorney may be able to handle the following tasks:
- Making bank deposits, withdrawals, and other transactions
- Paying bills
- Buying and sell property
- Filing medical claims
- Filing tax returns
- Dealing with Social Security issues
- Hiring caretakers for in-home care
- Obtaining medical records
- Transfering assets to a trust
How Much Control Does a Power of Attorney Have?
The amount of control a power of attorney has is up to you. There are different types of POAs in New York. The main types include:
- General power of attorney: A general power of attorney allows your agent to conduct the same fiscal actions you would perform, such as executing contracts, borrowing money, and filing taxes.
- Limited power of attorney: A limited power of attorney authorizes a person to only take certain actions of your choosing. Your agent’s authority is limited to these actions alone.
- Springing power of attorney: A springing power of attorney only becomes effective after a triggering event, such as a physical disability.
- Durable power of attorney: A durable power of attorney will allow your agent to act on your behalf regarding your end-of-life care. He or she can ensure that your wishes for medical care are followed. He or she may also manage your medical finances if need be.
If you have any questions or concerns, reach out to our firm today. We are here to walk you through every step of the estate planning process.
Contact our Firm
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.