A power of attorney is a legal document that authorizes another individual to do specific legal actions on behalf of another (the “principal”). The agent may sign on behalf of the principal if the principal is unable to do so. The agent might step in on their behalf when the principal is unavailable to sign for business or legal deals. When the maker of the POA dies, revokes it, or it is declared invalid by a court of law, it ceases to be in effect.
Power of attorney is a powerful document that can make crucial decisions about your family, finances, and healthcare. So you must seek help from a reputable power of attorney lawyer in New York to provide complete guidance in the process of creating a document in your best interest.
In this article, we’ll go over over the many forms of powers of attorney so you can make an informed decision based on your specific needs, and we’ll also go over some factors to keep in mind before choosing one.
Various Forms Of Power Of Attorney.
Healthcare and medical power of attorney-
In case you are dealing with life-threatening health issues, you can choose an agent to have the power to make important health-related decisions and have a right to decide the quality of care and treatment.
As a result of an unfortunate medical condition, if you are unable to make decisions on your own, an appointed POA assumes responsibility for your healthcare decisions on your behalf. That is why you should consult a power of attorney lawyer in New York before appointing an agent to manage your medical care decisions.
Limited power of attorney-
A limited or special POA can make decisions in specific matters such as one-time finances or the sale of a particular property. So you can provide limited power to your agent to complete the transaction due to prior commitments or illness.
This type of authorization can only be effective for a specific period, and your agent will have no right or power to act other than what is assigned to them. It is best to consult a knowledgeable power of attorney lawyer to create an agreement with clear instructions of what should fall under the limited powers.
General power of attorney-
The general power of attorney allows the designated person to act on behalf of the principal to handle the affairs. You can provide various powers to the agent so he or she can act for you in all situations and handle several tasks as per the State Law.
In this type of POA agreement, your agent can handle all the legal, health, financial, and business matters, including your bank accounts, sign checks, manage assets, sell or purchase properties, file taxes, and even enter into contractual relationships on your behalf. Also, your appointed general power of attorney can be durable or non-durable, depending on your preferences.
A durable power of attorney-
The durable POA is only effective and remains in control for certain legal, financial, or property matters when a person becomes mentally incapacitated. A professional power of attorney helps you with an agreement that specifically includes all the tasks and powers. As your durable POA, he or she can pay the medical bills; however, they cannot make the health-related decision for you.
Springing power of attorney-
If the principal is out of the country, a springing power of attorney comes to act only for that particular event. Depending on the circumstances, you can get help from an experienced lawyer to draft the POA form specifically for your requirements. Your appointed power of attorney can be durable or non-durable and also able to handle the required number of tasks.
Factors to think about when selecting a POA.
A power of attorney grants immense power and authority to the agent; therefore, you should choose a reliable and experienced agent with the utmost care to ensure your needs and wishes are carried out in your best interest. So, here are a few factors you must consider before choosing an agent-
- You must name a trustworthy person so you won’t end up bankrupt or face any abuse.
- He or she must be responsible enough to serve as your agent and will handle the legal matters the same way you would have.
- It is also advisable that you name a family member as your agent so you can save the fees of a professional, and you may be able to keep the important financial information in the family.
- If you are thinking of naming your kids as your POA, then make sure they can manage the family’s everyday expenses, control a financial portfolio, manage insurance, or know how to run a family’s small business.
The bottom line!
If you are seeking a qualified and informed lawyer to assist you in understanding the POA procedure, Chaves Perlowitz Luftig LLP can effectively explain your options to help you make the final decision. Their team of skilled and dedicated power of attorney lawyers in New York can draw up a POA for you that covers a specific set of circumstances or one that is more general.
So call 212-791-3747 to talk with an expert for a free consultation!