Long Island Power of Attorney Lawyer

Power of Attorney Lawyer in Long Island

During difficult times, you may need someone to make important decisions for you, and a power of attorney can serve this purpose. At Greco Law, our Long Island power of attorney lawyer can guide you through every step of the power of attorney process and ensure your wishes are honored. A skilled Long Island estate planning lawyer can be very beneficial in ensuring legal and financial protection.

Power of Attorney

A power of attorney (POA) is a legally binding agreement where you authorize another person to make legal and financial decisions on your behalf, called an “agent.” You could also appoint a “successor agent” to take over if your primary agent is unable to do so. Under New York law, any mentally capable person can create this document. It is one of the most widely used estate planning tools in New York.

What Are the Different Types of Powers of Attorney?

The state of New York has different types of POAs, and each provides different powers and duties to an agent.

• Durable power of attorney: This type provides an agent with the power to manage the principal’s financial affairs. Their authority to do so continues even if the principal becomes incapacitated due to illness or injury, but does terminate upon their death.
• Non-durable power of attorney: A non-durable POA is similar to a durable POA but terminates automatically if the principal becomes incapacitated. People usually use this type of POA for short-term situations.
• Springing power of attorney: A springing POA “springs” when a specific event happens, such as when the principal becomes incapacitated.

When Is a Power of Attorney Used?

A POA document can become relevant in situations such as the principal:

• Is unable to make their own medical decisions due to an illness or accident. This is one of the most common triggers for POAs, especially as Long Island has a large aging population, with 20% of residents being 65+ years of age.
• Operates a business that needs a POA to ensure a trusted individual manages their business if they become incapacitated.
• Is estate planning and wants to ensure their assets are managed according to their wishes. Long Island has a higher-than-average median household income of $82,095, significant real estate wealth, and a median home value of $705,000.

Power of Attorney Agent Eligibility

New York has specific requirements to determine whether someone is eligible to be named a POA agent. To be eligible, an individual must be at least 18 years of age and possess the cognitive ability to comprehend and fulfill the duties assigned to them. The POA document must be signed by the principal, the agent, and two witnesses, and be formally notarized.

It is common for people to name their spouse or adult children as their agent under their POA. However, the authority can be granted to any person the principal deems trustworthy. A POA document allows the agent to make crucial financial decisions, so selecting the right agent should not be made easily.

General Step-by-Step For Creating a New York POA

To establish a legally sound POA in the state of New York, follow these general steps:

1. Consult with an attorney who understands estate planning and power of attorney law. They can help you throughout the remaining steps.
2. Acquire the appropriate legal documents and specialized New York POA forms.
3. Choose a trustworthy individual or individuals to act as your agent(s).
4. Specify the precise powers you wish to grant your agent(s).
5. Complete the forms and sign them before a notary.
6. Ensure your agent(s) sign the POA document and provide them with a copy for their records.
7. Keep the original POA in a secure location.
8. If the POA involves real property, record a copy in the Kings, Queens, Nassau, or Suffolk County land records offices, depending on which county the property is located in.
9. Consider providing copies of the POA to any financial institutions where your agent will have the authority, as well as any healthcare providers.
10. Continue to examine and revise your POA as your life changes.

The Role of a Power of Attorney Lawyer

A power of attorney lawyer can act as your advisor and facilitator in the estate planning process. At Greco Law, we can provide guidance on the different types of POAs available to you and explain the scope of authority granted by each. We are committed to helping people beyond simply drafting the document, such as ensuring your POA aligns with your goals and wishes, your agent understands their duties and responsibilities, and that it adheres to all state requirements.

FAQs

Q: What’s the Difference Between a Durable and Non-durable POA?

A: A durable power of attorney remains effective even if the principal becomes incapacitated, and a non-durable power of attorney terminates automatically upon incapacitation. Typically, a non-durable POA is used for short-term situations like selling a house or traveling out of the country. A durable POA is used to ensure someone is managing your affairs if you become unable to do so.

Q: Can I Limit What My Agent Can Do?

A: Yes, you can limit what your agent can do. You can decide whether to give them specific or general powers, what acts they can perform on your behalf, put up time or geographic limitations, and more. If you are unsure of what limitations you may want to put in your POA, you should consult with an attorney.

Q: Can I Revoke My POA?

A: Yes, you can revoke your POA as long as you are mentally capable of doing so. If you are planning to revoke a POA, you should consult with an attorney to ensure that your revocation is properly executed and legally sound. They could also provide support in executing a new power of attorney.

Q: Do I Need a Lawyer to Create a POA in New York?

A: It is not a legal requirement to have a lawyer when creating a POA in New York, but it is strongly recommended. Everyone’s financial and personal circumstances are different, and yours might require a tailored approach. A lawyer can draft a POA that addresses all of your unique interests while also avoiding errors that could end up as costly and time-consuming legal issues.

Meet With a Long Island Power of Attorney Lawyer

The experienced team at Greco Law can support you with incorporating a power of attorney into your comprehensive estate plan. Contact us today to discuss how our estate planning services can help you.