2 Types of Power of Attorney
There are 2 types of power of attorney, and it is very important to know how and when to use this element of the estate planning process. If you have any questions about power of attorney, you should contact our office right away. Our experienced Buffalo estate planning lawyers are well-practiced in all aspects of this area of law. Let our experience work for you.
2 Types of Power of Attorney | Definition
Everyone needs a properly prepared New York statutory power of attorney (POA) to avoid expensive and time-consuming guardianship proceedings. A New York Power of Attorney will save you and your family thousands of dollars and expedite the handling of your financial affairs in the event of mental or physical disability.
By signing a durable power of attorney, you can authorize another person or persons known as the “agent” or “attorney-in-fact” to act on your behalf to perform any number of specified acts. Having a (POA) is useful to manage your affairs if you subsequently become incompetent thus avoiding the need for a more complex and costly guardianship or trust.
2 Types of Power of Attorney | “General” and “Springing”
The “general power of attorney” goes into effect as soon as it is signed notarized and initialed.
The “springing power of attorney” is for those who are hesitant to grant a power of attorney while they are still able to manage their own affairs. The springing power of attorney takes effect at a specified future time or upon the occurrence of a specified contingency, such as the signing of a written statement by a physician or licensed psychologist or psychiatrist certifying that you are suffering from diminished capacity that precludes you from conducting your own affairs in a competent manner.
Are you in need of a power of attorney in case of mental or physical disability? Contact an experienced Buffalo power of attorney lawyer at Friedman & Ranzenhofer for guidance.