One of the most important parts of estate planning involves electing a power of attorney. Powers of attorneys are used to appoint a trusted individual to be able to make decisions in the event that you are unable to. Contact our firm today to learn more about the different types of powers of attorney, and how we can best serve you. Our skilled New York estate planning attorneys are dedicated to helping you make the best choices for you, your family, and your future.
What is a Power of Attorney in New York?
The main objective of a power of attorney is to enable an individual to select a loved one and give them the authority and legal right to manage certain elements of their life in the event that special circumstances arise. Usually, this power is given to a loved one, such as a child, parent, spouse, close relative, friend, business partner, etc. Once this person is appointed, they are able to pay your bills, make bank deposits and withdrawals, have access to medical records, file tax returns, buy or sell property, hire caretakers, transfer assets into trusts, and more. The central purpose of a power of attorney is to have someone who you can trust be able to make critical decisions on your behalf in the event that you are incapacitated or otherwise unable to do so.
What are the different kinds of Powers of Attorney?
There are many different types of powers of attorney that cater to unique situations. You can choose from a number of different types depending on what will best accommodate your needs. The four most common types of powers of attorney include:
- General power of attorney: A general power of attorney authorizes the agent to conduct the same financial actions you would perform. This can involve filing taxes, executing contracts, and borrowing money.
- Limited power of attorney: A limited power of attorney allows a person to take specific actions of your choosing. The agent’s power is limited to these actions and these actions only.
- Durable power of attorney: A durable power of attorney allows an agent to act for you 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 power of attorney becomes effective after a triggering event, such as a medical or physical disability.
If you have questions or are unsure about which power of attorney choice might work best for you, do not hesitate to contact our skilled estate planning firm today to speak with our legal team about your case.
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.