A Power of Attorney is a great tool to designate someone you trust to transact your business when you are unable to do so yourself.
Power of Attorney effective at a later time – We recommend having a “Power of Attorney effective at a later time”, also known as “springing power of attorney.” This kind of a power of attorney only kicks in upon disability and has no effect otherwise. Click here for information on how a Springing Power of Attorney can help in New York Estate Planning.
Power of Attorney for emergency situations – A power of attorney is also useful in emergency situations such as an illness, where a person knows that they are about to become disabled in a way that will make it difficult to make financial decisions.
There is a general Power of Attorney, a broad power that can be given for most legal or business transactions including the purchase and sale of real or personal property, managing financial accounts, paying bills or filing income tax returns. There is also a limited Power of Attorney, executed to serve a limited purpose and for a limited time.
For most people, it’s a great idea to have a power of attorney as part of their estate planning in case of an emergency or a short or long term disability or illness. They’re inexpensive and carry little or no risk.
Because New York’s power of attorney law recently changed, it’s not advisable to execute a form power of attorney sold in office supplies store, as those are not in compliance with the official New York power of attorney form.
If you wish to make a New York Power of Attorney, call the Law Offices of Albert Goodwin at 718-509-9774.