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Once you reach adulthood, you understand how unforeseen events can change and upend people’s lives. Some estate planning tools allow you to allocate responsibility for your medical and financial decisions if you are in an accident and temporarily need help or if you become incompetent and need help indefinitely. Our diligent estate planning legal team could help you with this process.
These powers of attorney are general or durable. General powers take effect immediately and expire when you become incapacitated, or the limited function they were created for is accomplished, while durable powers do not take effect until you are incapacitated. To ensure your estate and elder care needs are met, consult a Riverhead power of attorney lawyer today.
An attorney-in-fact does not have to be a licensed attorney but is usually someone known and trusted by the person adopting a power of attorney (POA). They are also called agents because they represent the makers in financial and healthcare matters. Makers delegate specific duties but not all to their agents, who cannot draft or revise the maker’s will or living will. Makers must sign and date a POA in the presence of a notary or can direct another to sign.
Additionally, attorneys-in-fact and makers in New York must:
Our Riverhead attorneys take the time with clients to explain every aspect of a POA and how they meet estate and elder care planning needs. We also listen to concerns and goals and encourage clients to call us if a question arises. We care about our clients like they are family.
General powers of attorney are valuable tools for limited transactions or time frames. Makers can direct agents to stand in for them as buyers or sellers in specific real estate transactions or permit them to conduct banking transactions when they are hospitalized for major surgery.
The durable financial power of attorney allows agents to handle a variety of financial matters for makers when they cannot. A debilitating illness, catastrophic car accident, or the decline of mental acuity means someone else will have to pay the maker’s bills, conduct their banking business, oversee investments and rental property, and file and pay federal and state taxes. They can also purchase necessities for the maker at their discretion. Talk to a Riverhead lawyer who is skilled in the nuances surrounding power of attorney to learn more about this tool.
The durable healthcare power of attorney operates similarly to a financial one, but instead of overseeing financial matters, the agent makes healthcare decisions when the maker cannot. The attorney-in-fact can authorize surgery and other medical procedures and determine end-of-life care if the maker did not put a living will in place.
Makers considering a healthcare POA should discuss their core values with prospective agents because cultural and religious beliefs generally color decisions, and agents should understand this. Our Riverhead lawyers could help navigate these sensitive issues and sit with agents and clients to ensure a POA is administered properly.
Many useful tools can assist you in estate and elder care planning, and one tool with multiple uses, the power of attorney, helps you manage your affairs throughout your life. We can help should you become unable to oversee your finances, make medical decisions, or if you need a short-term agent to handle a limited task.
Our Riverhead power of attorney lawyers at Tully Law Firm, PC, not only accommodate your goals and needs but anticipate them by building a relationship with you that exceeds transactional and feels more like family. Call today so we can begin drafting and organizing your estate and elder care documents.
