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Our New York Power of Attorney Lawyers can explain everything you need to know about a Power of Attorney, and how it can help. We can help you with your power of attorney questions. This is a document which gives a person, the power to act on behalf of another person. There are many variations of this document. It can be very broad, or it can be specific. The Power of Attorney becomes invalid when the principal dies, or is incapacitated. Another Power of Attorney, is the Durable Power of Attorney. This Power of Attorney remains in effect even after the principal becomes incapacitated. This document is able to grant the agent immense authority over the principal’s affair. When doing elder law planning, it’s crucial you carefully out a power of attorney. It’s important to speak to a New York estate planning attorney when creating the power of attorney.
In New York, laws have changed regarding the Power of Attorney. These changes deal with the language used in the document, and how the documented is executed. The recent changes make it so that the Power of Attorney is considered durable – unless the Power of Attorney says otherwise. As a result, you need to speak to a New York elder law attorney, when planning and executing a Power of Attorney.
These documents can be used in a variety of situations. Two common reasons is in health care decisions, and financial decisions. A Durable power of attorney names a trusted person to supervise your health care and financial decisions. This individual has the authority to make those decisions on your behalf. This is different from a living will. In a living will, you set out pre-written health care instructions to your physician and agent.
Another type of Power of Attorney is a Durable Power of Attorney for Finances. This type of power of attorney, gives an agent/attorney the power to handle your finances for you. The document can be used to manage your affairs for a single transaction, or they can be used to handle all of your financial decisions. The tasks can range from paying bills, to managing all of your investments.
Power of attorneys are important documents. We encourage you to contact our lawyers today to draft them carefully.