Power Of attorney
A power of attorney is a legal document that gives authority for another person to act on your behalf. This document names a trusted family member or friend to make legal decisions for you if you suffer a debilitating illness or become incapacitated. Your appointed agent will have the authority to do anything with your property and assets that you could do. It will remain in place until you recover or until your death.
Frequently Asked Questions
A power of attorney is important to have in New York because sometimes you cannot make certain decisions on your own for a variety of reasons. A power of attorney has many uses and allows an agent to make many decisions on the principle’s behalf. This can include managing real estate decisions, investing the money of the principle, taking care of bank accounts and transactions, and attending to taxes.
Yes, in New York there three types of power of attorney. They are “nondurable,” “durable,” and “springing.” Each of these can be used in different situations. Contact Kathleen to learn about the different options so you can make the best decision for your circumstance.