Brooklyn Power of Attorney Lawyers Helps You Appoint Trusted Agents to Assist You
New York law firm drafts durable powers of attorney for finances or healthcare
A power of attorney is a legal document by which you designate a trusted person to act in your behalf for general or particular purposes. It can be used to delegate authority to that person — known as your agent — for a multitude of tasks. It can also be a safety net in a situation where you are unable to manage your financial affairs yourself, such as if you should become mentally incapacitated. And it can be used to grant your agent the authority to make healthcare decisions in dire circumstances. A Brooklyn power of attorney lawyer at Goldberg Sager & Associates can answer your questions and craft a document that accomplishes any or all of these goals.
What are powers of attorney?
A power of attorney (POA) is legal authority granted by one person, known as the principal, to another, called the agent. POAs are flexible instruments. The authority they convey can be narrow and temporary or sweeping and permanent. Our estate planning lawyers listen to your concerns and recommend powers of attorney that precisely fit your needs and that meet all the requirements of New York law.
Types of power of attorney in New York
Although a power of attorney can be written with unique terms to accomplish particular goals, the following types are most common:
- General ― This POA is frequently used when a principal wants to have someone manage finances. It remains in effect until terminated or until the principal becomes incapacitated.
- Durable ― This POA remains in effect even if the principal becomes incapacitated.
- Limited ― This POA allows you to transfer narrow authority for a certain period of time.
- Springing ― This POA does not become effective at signing but instead “springs” into effect upon a triggering event, such as the principal’s incapacity.
Often, a POA is created by an elderly person so that a son or daughter or other close relative can see to their affairs. An elder law attorney can help you make such arrangements as may be needed.
Responsibilities of a power of attorney agent
An agent is empowered to execute any transactions that are necessary under the terms of the POA document. Often this means managing finances, paying bills, overseeing investments, selling real estate, paying taxes and attending to other general financial responsibilities. The agent is a fiduciary, which means he or she has the duty to act in the best interests of the principal. If desired, the principal can appoint a third party to monitor the agent’s performance.
When does a power of attorney become effective?
In most cases, a POA goes into effect when the principal executes the document. The exception is a springing POA, which becomes effective only upon occurrence of a triggering event. A POA can remain in effect until a specific transaction has been completed, until the principal becomes incapacitated or until a predetermined timeframe expires.
Revoking or changing a power of attorney
A principal may feel the need to revoke or modify a POA for such reasons as the following:
- Dissatisfaction with the agent’s performance
- Availability of better options for managing affairs
- Changes in the principal’s circumstances
- The agent’s inability or unwillingness to continue in the role
We suggest that you keep all of your estate planning documents current. We recommend having our attorneys review your plan every couple of years so that we can make any necessary modifications.
