Suffolk County Power of Attorney Lawyer
A "power of attorney" is a written legal document in which you appoint another person referred to as your "attorney-in-fact" or "agent" to act for you. A power of is an important estate planning document that may proof vital to an overall estate plane. With a power of attorney you can select someone you trust who will be responsible for handling your affairs if you cannot do so yourself. In other words, a power of attorney will go a long way to giving you peace of mind that in an emergency someone can act for you. If you do not have a power of attorney and you are suddenly incapacitated or unavailable for some other reason the court may end up appointing a conservator to make decisions for you. There are different types of powers of attorney. You can grant a power of attorney for your finances or you can grant one for your health care. A power of attorney can take effect immediately or can be designed so that it takes effect only upon the occurrence of a particular event such as you becoming incapacitated. In addition, a power of attorney can be either very limited and specific, or it can grant broad powers. Before drafting your power of attorney, consult a Suffolk County Power of Attorney Lawyer who can help you determine which type of power of attorney is appropriate for your circumstances and who will make sure that it properly executed.
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There are many different reasons for you to decide to execute a power of attorney. Regardless of the reason there are 4 main types of powers of attorney: general, limited, durable and springing.
- General Power of Attorney. With a general power of attorney you grant your attorney-in-fact comprehensive authority to act for you. For example, if you to give another person the authority to handle all over your financial affairs such as paying your bills, managing your real estate, managing your banking and buying and selling securities for you, then you would execute a general power of attorney. A general power of attorney is terminated when you revoke it, when you die or when you become incapacitated.
- Limited Power of Attorney. In contrast, with a limited power of attorney you give your agent the authority to act for you for only a very limited, specific purpose. For instance, if certain legal documents must be executed on a particular date but you cannot be there to sign the documents on that day, you can give another person the authority to sign the documents for you. The power of attorney document will detail the limited purpose of the power of attorney. It will also indicate when the authority ends.
- Durable Power of Attorney. A power of attorney can be durable. This means that it will remain in effect even if you become incapacitated. For example, if you are injured in an accident and end up in a coma, a durable power of attorney will give your agent the authority to tend to your finances or make decisions regarding your health care for you. Otherwise, a court will appoint a conservator for you. Under your durable power of attorney, your attorney-in-fact will retain power until your death unless you revoke it while you are not incapacitated.
- Springing Power of Attorney. A power of attorney is termed "springing" if it goes into effect upon the happening of a particular event that is mentioned in the power of attorney document. For example, the power of attorney could become effective on in the event you become incapacitated. Or, the power of attorney could become effective when you leave to travel out of the country.
Whether the power of attorney is general or limited, you decide how much authority or how little to grant. You can be very general or very specific. You can give your attorney-in-fact authority over your finances only or authority over your personal affairs including your healthcare. Examples of authority that you can choose to give your attorney-in fact include: paying your household bills such as your utilities, paying your real estate and income taxes, managing your real estate, buying and selling real estate, running your business, hiring professionals such as a lawyer or an accountant, collecting government benefits such as Social Security, consenting to or refusing medical treatments such as blood transfusions or surgery, consenting to or refusing life prolonging procedures such as the use of a feeding tube, making decisions about organ donation, arranging for you to be placed in an extended care facility and becoming your guardian.
You can chose to appoint the same person to be your attorney-in-fact for your finances and for your personal matters. Or you can choose to have 2 different attorneys-in-fact. In either case, your attorney-in-fact will be your fiduciary and is bond by law to act in your best interest.Executing a Power of Attorney
In New York there are certain steps that you must take in order for a power of attorney to be properly executed and valid. The document must be legible. You must sign and date it. It must also be signed and dated by the person you are appointing as your attorney-in-fact. NY GOB LAW § 5-1501B. A power of attorney typically becomes effective on the date that the agent's signature is acknowledged. The exception to this rule is if the power of attorney is springing. In that case it becomes effective upon the occurrence of the triggering event.Terminating a Power of Attorney
Depending on the type of power of attorney and its purpose, a power of attorney terminates if you pass away, if you become incapacitated, if you revoke it, on the termination date mentioned in the document, the purpose of the power of attorney is accomplished, or your attorney-in-fact no longer is will or able to fulfill his or her duties as your attorney-in-fact.Consequence of Not Having a Power of Attorney
The consequence of failing to execute a power of attorney can be significant, particularly if you become mentally incapacitated. If you do not have a durable or springing power of attorney naming an attorney-in-fact or any other advanced health care directive and you become incapacitated, then your wishes may be unclear or unknown. The court may end up getting involved and may appoint a conservator to make decisions for you.
The court may appoint a family member such as a spouse, adult child or adult sibling to be your conservator. If, however, there is no family member who is available to assume the role, the court may appoint a public or professional conservator who is a stranger. Whether the conservator appointed by the court is a family member or not, if did not execute an advanced health care director, the conservator may not truly know what you would want to happen as far as your health care or your finances. Furthermore, the conservator does not necessarily have to get family input on decisions. The conservator is required to only act in what he or she determines to be your best interest, as is only accountable to and supervised by the court.
The conservator may end up making decisions on your behalf that you would not have made. The conservator will remain in place as long as the court determines that he or she is needed. If your medical condition improves enough so that you are able to resume taking care of your affairs, the court will end the conservatorship. NY MHY LAW § 81.36. Otherwise, the conservatorships remain in place until your death.
Just like an attorney-in-fact named in a power of attorney, a conservator can be appointed to take care of your finances, to take care or your healthcare, or both. A "conservator of the person" is appointed to make decisions about your personal well-being such as your healthcare and other aspects of your personal care. For example, the conservator may decide that it is in your best interest to live in an extended care facility or to be moved to a different hospital. A "conservator of the estate" makes decisions about your finances. He or she will manage your assets, pay your bills, and manage your bank accounts. The court will require the conservator of the estate to keep detailed financial records and regularly report to the court about the status of your finances.Additional Estate Planning Documents
While a power of attorney is an key part of your estate plan, it should not be the only component. A power of attorney only addresses certain personal and financial issues related to specific eventualities. A power of attorney is not comprehensive enough to address all personal and financial factors related to your estate. You should also consider protecting your assets and financial health while you are living and planning for how your estate should be disposed of upon your death. To do this, you will need other documents such as a will and a trust.
A will allows you to provide for your loved ones after you pass away. You can leave gifts of cash, stocks, bonds, real property, jewelry, and collectibles to those you care about. You can also indicate in your will who will serve as the guardian for minor children who survive you. A trust is in some ways similar to a will in that it can also be used to leave your loved ones property after you pass away. However, trusts allow you to give gifts during your lifetime. At the same time, if you chose to you can retain control over the assets you give away. Depending on the type of trust, trusts also offer financial benefits such as tax savings and asset protection.
While a power of attorney is an important document, it is not the only document that you will need in order to have a complete estate plan. It is also important to have a last will and testament to set forth your final wishes, a trust to leave property to your beneficiaries and avoid probate, and an asset protection plan. To learn more about the advantages of a power of attorney as well as other estate planning tools, contact Stephen Bilkis & Associates, PLLC. We will help you develop an overall estate plan that reflects your individual goals. Contact us at 1.800.NY.NY.LAW (1.800.696.9529) to schedule a free, no obligation consultation regarding your estate plan. We serve individuals throughout the following locations: