Long Island Power of Attorney Legal Counsel
Types of Power of Attorney in New York
A power of attorney is a document giving one or more persons the right to make non-medical decisions and/or perform certain transactions on behalf of another. New York law permits a "principal" to delegate their legal rights to an "agent" who, pursuant to the paperwork, can do practically anything as if they were the principal. Clearly, this is a serious delegation of authority and must be handled properly. It can involve anything from the buying/selling of stocks, bonds, and real estate to the writing of checks from a bank account. Choosing the right lawyer for this matter can be as important as choosing the right agent.
The most common types of power of attorney include:
- General Power of Attorney
- Limited Power of Attorney
- Durable Power of Attorney
Powers of attorney may be specific and limited to certain transactions or "durable" and everlasting unless and until it is revoked. Typically, as part of the asset protection or estate planning process, this document will be drafted such that it automatically goes into effect upon the occurrence of certain events, namely the principal's incapacitation resulting from illness, injury, or aging. In addition, for Medicaid purposes, any existing power of attorney you already have should be reviewed to ensure that all of the necessary and proper clauses are included.
Establish a Power of Attorney in Long Island, Suffolk, Nassau or Queens County
There are many reasons why a person may want to give another the power to manage their affairs. They may be suffering from illness or disease, may not be physically located where certain business will transpire or may be simply unwilling to continue managing their own matters. The principal often delegates power to a relative, but they may also grant power to their attorney or any other fiduciary qualified to make prudent decisions.
The Virdone Law Firm, P.C. can assist you in drafting and executing a power of attorney that will address your unique needs. We represent clients in Long Island, Nassau County, Suffolk County, Queens County and the surrounding areas in this and all other areas of elder law, assisting them in creating a comprehensive life care plan that provides for their particular wishes and concerns. If you would like to talk to a Nassau County elder law lawyer at our firm about creating a power of attorney, we welcome you to contact us at your earliest convenience for a free initial case review.
To draft a power of attorney that works for you, contact a Nassau County Elder Law Lawyer at our law firm.
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