Experienced Estate Planning Attorneys Providing Durable Power of Attorneys in New York
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.
There are two types of (POA):
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.
You can grant to your agent the power over some or all of the following transactions:
- Real estate
- Personal property
- Bonds, shares and commodities
- Operation of a business
- Benefits from military service
- Records, reports and statements
A power of attorney is not a substitute for a will because it automatically terminates upon your death.
Your Power of Attorney should be prepared by an experienced Albany power of attorney lawyer to ensure that:
- Modifications are made to enable the agent to do Medicaid (see Medicaid, Medicare & Nursing Home Planning)and estate planning (see Estate Planning,). For example, the agent may have to sign a life estate deed
- It is properly signed, initialed, dated witnessed and notarized.
- You receive the correct advice on how to best utilize it , in addition to your living trust, health care proxy and living will (see Advance Health Care Directives)
- You appoint the correct agents who will not abuse their.
- It is properly prepared so as to not invalidate it. A slight inaccuracy in the document or in the execution of the document may result in third parties, such as banks not accepting it.
- It is properly stored or recorded, if necessary, with the County Clerk.
Are you in need of a power of attorney in case of mental or physical disability? Contact an experienced Albany power of attorney lawyer at Friedman & Ranzenhofer for guidance.
Client Testimonials “We were very appreciative of your office’s quick response to our needs to provide our son with a will and power of attorney at a cost and within a time-frame that was manageable for him.” Friedman & Ranzenhofer client testimonial.