Sheryll Law, P.C. Helps Clients Protect Their Financial Futures And Their Health With Powers Of Attorney.
Long Island Power of Attorney Lawyer
In some instances the pen really is mightier than the sword. Delegating the responsibility of your Power of Attorney is a big decision. The person accepting the Power of Attorney (the principal) on your behalf will have the ability to manage your private affairs including making financial decisions. There are multiple types of Power of Attorneys. Choosing the right one is a complex and difficult decision. Consult your local attorney to be sure you are making the right decision.
Types of Power of Attorney
Your estate planning attorney may recommend one of the following powers of attorney
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Non-Durable Vs. Durable Vs. Springing Powers Of Attorney
Choosing the type of power of attorney should not be left up to hearsay or internet research. A Power of Attorney is an extremely powerful document that can grant authority to act on another's behalf. Non-Durable, Durable and Springing Powers of attorney grant an individual to act on your behalf however, the time at which the power is granted differs.
A durable Power of Attorney goes into effect when it is signed, while a springing Power of Attorney goes into effect when the individual becomes incapactiated. A Non durable power of attorney only grants a limited authority to act.
There are advantages and disadvantages to each type of Power of Attorney. A Power of attorney is a very useful document for long term care planning and estate planning. It is recommended to speak with an estate planning lawyer to understand what type of Power of Attorney is best for your situation and how much power you should grant your agent.
Medical Vs. Financial Powers Of Attorney
There is no singular document that acts as a catch all so that an agent can deal with an individual's finances and medical decisions. A common misconception is that a Power of attorney handles it all including medical records, medical decisions and finances.
When properly drafted a Power of Attorney includes authority to act in several scenarios including real estate transactions, paying bills, and opening bank accounts. A Medical Power of Attorney is also known as a Health Care Proxy. This appoints an individual who is authorized to make medical decisions should the individual become incapactiaed. Documents known as advanced directives work together to cover all the bases necessary to be prepared for unthinkable situations. Contact an advanced directives and estate planning attorney to understand how these tools can be used to prepare for your future.
Choosing An Agent
Appointing an agent is an important decision that should not be taken lightly. A Power of Attorney can be given the authority to do anything that you could do. Ideally, the individual appointed is financially savvy and understands your wishes. This person is given access to your personal and private information so it must be someone that you trust. If need be, a Power of Attorney can be revoked and agents can be changed. Contact your Long Island Advanced Directives attorney to appoint a Power of Attorney.
Should You Pay The Agent?
If a close friend or family member is acting as your power of attorney, payment likely won’t be necessary. Your estate planning attorney may suggest paying your agent in specific instances. However, if you aren’t close to the agent or the person must spend lots of time on complicated tasks, payment may be recommended. Payment is determined by an hourly rate set by the New York State statute. Before granting these powers consult with Sheryll Law, P.C. to understand the benefits and downfalls of paying your agent.