New York Law recognizes your right to appoint a representative, either an individual or an organization, to handle your assets and manage your legal affairs if you are unable to do so while you are still living through a power of attorney. Executing and having a power of attorney in place in case an unexpected emergency or event occurs in your life or you become disabled or incapacitated either temporarily or permanently, makes it easier for you to choose in advance who that person or entity will be to manage your affairs. This way your family, loved ones and friends have peace of mind knowing that your wishes are being respected and met.
A power of attorney is in effect until your death, unless you specify a sooner expiration date in the power of attorney, or revoke or cancel it at any time during your life, by advising your attorney-in-fact in writing of the effective date of cancellation or revocation. Whether you are young, middle-aged or elderly, handling everyday legal decisions can be made easier and resolved quicker for you and your family by having a power of attorney prepared by an experienced New York lawyer so that your family never has to go to court and request a guardianship.
The following are common types of powers of attorney:
New York General or Durable Power of Attorney
A general power of attorney or durable power of attorney allows you to appoint someone to manage, sell and convey your real property and personal assets such as your bank accounts, settle claims, file and sign legal papers such as tax returns on your behalf and to do other acts in connection with the management and transfer of your property.
An often overlooked advantage of the power of attorney is that it helps you avoid court proceedings when you become too unwell to make decisions.
New York Limited or Special Power of Attorney
A limited or special power of attorney limits the types of transactions or acts you designate your personal representative to manage and can place a time limit in which the power of attorney is in effect. A Limited Power of Attorney is typically used to buy, sell or transfer a piece of property.
New York Heath Care Power of Attorney (New York Health Care Proxy)
A health care power of attorney (Health Care Proxy) directs someone you choose to make health care decisions on your behalf when you are unable to give your informed consent. A health care power of attorney is different from a living will which directs a health care provider with instructions about life support services. With a health care power of attorney, you can still make your own medical decisions with your doctors and health care providers even if you have a health care power of attorney in effect.
A Power of Attorney serves an important purpose and has become a necessary legal document for everyone to consider as part of their routine financial and estate planning because it gives you the individual freedom of choice to direct your financial and legal affairs.
If you wish to speak to a New York estate attorney about your Power of Attorney, call the Law Offices of Albert Goodwin at 718-509-9774.