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. Keep reading to learn more information about power of attorney and how it can be extremely beneficial.
Information About Power of Attorney
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.
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Two Types of Power of Attorney
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.
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If you need any more information about power of attorney, contact our Buffalo estate planning attorneys today. As we move through this new coronavirus crisis together, our law office will remain fully operational. All matters, for the time being, can be handled over the phone, video conference, live chat and via email. Please contact our office if you need any help.