Power of Attorney Lawyers in NYC, Ensuring Your Best Interests Are Considered at All Times
Our lives are made up of a continuous cycle of dealing with personal affairs, making financial decisions, and ensuring our health is taken care of. Unfortunately, situations can arise where our ability to make such decisions becomes compromised. Perhaps you're leaving the country and can no longer run a local business, or maybe you've suffered a serious accident that has diminished your capacity to make informed legal and financial decisions. Whatever the case, having a power of attorney in place can ensure your best interests are accounted for. While creating such a contract isn't always as straightforward as hoped, a power of attorney lawyer in NYC can help.
At Marchese & Maynard, LLP , our New York estate planning attorneys can help in this endeavor. We've spent years helping our clients throughout the five boroughs create every proper legal instrument necessary to ensure their wishes are carried out. Most people think creating a will is enough to accomplish this. Still, a power of attorney provides the necessary legal authority for a trusted individual to make decisions on your behalf in many other situations. You'll soon see just how complex this area of law can be, but our legal team can help simplify the entire process. Contact us today to schedule your free consultation and ensure your personal and financial affairs are in order.
What Is a Power of Attorney in NYC?
A power of attorney (POA) is a legal document granting another person — known as the agent or attorney-in-fact — the legal authority to make decisions on behalf of a specified individual. The person granting this authority is known as the principal. In doing so, they're giving the right to make decisions on legal and financial matters to a trusted individual. This should not be confused with a health care proxy — which is a similar legal document that grants another individual the right to make medical decisions on behalf of the principal.
A power of attorney document will dictate how much power an agent has when they have that power and how they can exercise it. There are many reasons that a person may create such a contract. In some cases, they simply want a trusted individual to make economic decisions while they're absent from a company. However, many people create a power of attorney in order to plan for a particular event (e.g., possible incapacitating accidents) or as a safeguard as they get older and are less capable of making informed decisions.
There are many benefits to this arrangement, and an NYC power of attorney lawyer can help you understand each of them.
What Are the Benefits of Having a Power of Attorney?
The benefits of a POA contract are many and varied. However, the most important advantage is that it allows a person to choose who makes important decisions on their behalf. For instance, envision a situation where a person suffers an incapacitating injury and has no power of attorney as part of their estate plan. In such a case, New York state law dictates that a conservatorship must be established. The court will assign a guardian to financially, medically, and legally act on your behalf. Unfortunately, you'll have no input over who the court chooses.
It's also important to act quickly since you never know when you may become physically or mentally incapacitated. America has recently seen one of the most dramatic increases in serious car collisions in history. It's possible that you could lose your ability to make important decisions on your own due to a split-second mistake from someone else on the road. Many people worry about granting such power, but in New York, your power of attorney can designate that a monitor oversee actions by your attorney-in-fact. This is a great safeguard against potential dishonest agents.
What Are the Different Power of Attorney Types?
The one thing we cannot reiterate enough is that you have full control over your power of attorney. This can be seen in the different types of contracts available to you. There are much different power of attorney types you may discover during your research, but the two primary categories relate to when the contract goes into effect. The skilled legal professionals at our law offices can help you understand each of these and which is better in your unique situation. We can also discuss with you and your family members the benefits and potential drawbacks of each. Here are the basics you should know about both types:
Durable/Nondurable Power of Attorney
The first power of attorney type goes into effect once it's signed. The powers granted in this contract type can be revoked by you in various ways. A nondurable POA can be rendered void if you become incapacitated. However, a durable power of attorney will last even if an incapacitating event occurs. In these situations, the agreement only becomes void if the principal revokes it prior to such an event.
Springing Power of Attorney
Rather than going into effect immediately, a springing power of attorney occurs when a person becomes mentally incapacitated. This is a good option if you want to maintain control over personal, legal, and business decisions for as long as possible. However, a doctor's written opinion is necessary for the POA to go into effect. This can result in a span of time when no one has valid power to make decisions on your behalf if you've suffered a mental or physical disability. That's why you should discuss your options with an NYC power of attorney lawyer.
Contact a Power of Attorney Lawyer in NYC Today
Those who are on the fence regarding a power of attorney worry that they're relinquishing their right to make important decisions. The important thing to remember is that you get to choose how much authority your agent has. This is an estate planning legal document that allows you to dictate when the contract is triggered, what your agent can decide, and many other important factors. Whether you're concerned with who will make medical decisions on your behalf or who can handle financial matters for you, a power of attorney is a great way to make sure your wishes are known and carried out.
At Marchese & Maynard, LLP our experienced power of attorney lawyers understands the many considerations that go into handing legal authority to another person. We know that it can be scary to grant someone else access to your financial institutions, medical records, and other information and assets that you'd typically keep private. That's why we'll help you understand all your rights along with the best way to create such a legal document without handing over too much control. Contact us today by calling 516-869-1111 to schedule your free consultation. Every power of attorney lawyer in our law firm is ready to assist.
