Do I Need A New York Power of Attorney?
No one wants to think about getting older, but it is one of the few things that cannot be avoided. As it happens, it is important to ensure that your finances and your well-being are both properly protected. Executing a New York power of attorney (POA) can be a good solution in many respects – but it must be vested in a person you trust implicitly.
Different Types, Same Criteria
A POA is a valuable tool to have in place simply because accidents can happen to anyone. It is designed to nominate an advocate to act on your behalf if you become too incapacitated to articulate your wishes. Most of the time, a person can set up a POA as part of their overall estate planning, though it is important to note that there are specific criteria that a POA must meet in order to be enforceable.
In New York, there are three types of POAs, with all of them conveying different types of powers to their holders. Each is executed by the principal – the person wanting the holder to act for them – and is intended only to cover what is laid out on paper. The types are:
- Limited power of attorney. This grants very specific powers to a holder for only a certain time frame – for example, granting authority to attend a real estate closing; and
- Durable power of attorney. Grants all the powers specified in its pages, specifically focusing on finance and business issues; and
- Enhanced power of attorney. Like a durable power of attorney, but intended to be used in a Medicaid application or asset protection context.
A POA Protects You
It can be a difficult decision to determine whether or not you may need a POA as time marches on. However, there is a persuasive argument for having one on file simply as insurance of sorts – after all, if you are ever in the position where you suddenly become incapacitated, it will be too late for a POA and your family will probably have to Petition for Guardianship which can be very expensive and time consuming.
A POA means that not only do you have an advocate – you have an advocate you have chosen to act for you, presumably based on a trusting relationship. Without one in your file, the courts will be the ultimate arbiter of your situation, because the courts presume that if you had a preferred advocate, you would have chosen one to act for you. The right attorney can help you execute the POA that will suit your needs best.
Call A Westchester County Estate Planning Attorney
A power of attorney can be a layer of extra insurance for a person, particularly if they are heading toward an advanced age. If you have questions or concerns, a Westchester County estate planning attorney from Meyer & Spencer, PC may be able to assist in getting them handled. Call our Pleasantville office today to schedule a consultation.
Source:
nysenate.gov/legislation/laws/GOB/5-1501B
