A power of attorney is a legal document designating someone else to make certain decisions on one’s behalf. The person who creates the power of attorney is known as the principal, and the individual they nominate to make decisions for them is known as the agent. Power of attorney is only enacted in very specific circumstances, such as the principal becoming too aged or ill to conduct their own affairs. Below is a quick overview of this crucial component of estate planning.

A Guide to Power of Attorney

What Types Are Available

A nondurable power of attorney is enacted immediately upon signing and only ends when it is revoked by the principal or by the principal's death; it typically covers specific decision-making capabilities, such as the agent's ability to handle the finances of the principal while the principal travels internationally. 

A durable arrangement is a more customary power of attorney setup. It can be enacted now or at a potential point in the future, depending on its terms, and it lets the agent make financial and legal decisions if the principal becomes mentally or physically unable to do so.

A springing power of attorney becomes effective in the future, typically when an urgent life or medical situation “springs up.”

New York State also offers a medical power of attorney, called a healthcare proxy, which grants the agent the right to make certain healthcare decisions on behalf of the principal should the principal be too aged or infirm to make those choices for themselves.

How Power of Attorney Benefits You

The primary benefit of a power of attorney is to ensure a principal's wishes are honored even if they cannot make their own legal, financial, or healthcare decisions. The principal can tailor this arrangement to suit their needs. For instance, you can limit the power of the agent by stipulating in the documents exactly what decisions they can and cannot make on your behalf.

How an Attorney Can Help

An estate planning attorney will work with you to design a power of attorney that meets your goals. They will make certain the proper forms are filled out, witnessed and notarized by recognized parties, and submitted to the appropriate departments. If you're unsure of who to designate as an agent, an attorney can help you find a suitable individual to handle this important responsibility. They can also meet with the agent and go over the agent's role and duties.

Monteleon Law Group will assist you at every stage of the estate planning process. In addition to powers of attorney, wills, trusts, and other estate issues, they handle criminal cases, divorce, and family law matters, real estate transactions, and injury and car accident claims. Serving the Orange County, NY, area, they are committed to giving you quality legal representation and substantial peace of mind. Call (914) 840-2529 or visit them online to schedule a consultation.