No one likes being found in a situation where they are unprepared. This is especially so when they are matters of life and death. As we are unable to predict the future, it is important to have a plan in place ahead of time for matters such as incapacitation. While no one likes to think about matters such as these, it allows you a sense of ease to know that you are prepared in the event that such a tragedy strikes. There are many ways to plan for potential incapacitation, such as appointing a power of attorney. Continue reading below to learn more and contact an experienced New York estate planning attorney for assistance.
What is a Power of Attorney?
When a power of attorney is chosen, they are responsible for taking care of certain affairs for another person while they are mentally or physically incapable of doing so themselves. It is important to choose a power of attorney that you trust, as they can be put in charge of crucial matters in your life. People often choose a spouse, child, parent, relative, friend, business partner, etc. When appointed, this person can be given the right to pay bills, make bank deposits/withdrawals, obtain medical records, file tax returns, buy or sell property, hire caretakers, transfer assets to trusts, and more.
What are Different Types of Powers of Attorney?
During the estate planning process, it is important to understand that there are different types of powers of attorney that can be chosen. Each one has its own purpose, as it allows the person a different set of rights. The kind that you choose can vary depending on what you want. The most common types are as follows:
- Durable Power of Attorney: Grants the agent total control over affairs for an unspecified time. It begins at the moment of incapacitation.
- Non-Durable Power of Attorney: Only used for specific transactions and their authority is limited to just that. Once the transaction is done, the non-durable power of attorney ends.
- Medical Power of Attorney: For medical-related situations only, they take care of any medical affairs while the individual cannot do so for themselves.
- Springing Power of Attorney: These are used in the event of a sudden future event, such as an injury or mental condition that causes incapacitation.
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.