Confirm what your state requires for POA execution I have encountered many cases where a Power of Attorney drafted with a do-it-yourself tool or by a non-estate lawyer was inadequate, and we couldn’t use it to complete further planning after a client was already incapacitated. We will focus on Power of Attorney in this article. A Power of Attorney appoints an agent to take care of your financial matters, while the Advance Healthcare Directive appoints an agent to make medical decisions for you when you can’t. Power of Attorney and Advance Healthcare Directive (Healthcare Proxy in New York) are two very important documents that will help when you are incapacitated.

Keep in mind that a spouse does not automatically have Power of Attorney, except with jointly owned properties. A Power of Attorney can prevent these hassles. When a spouse or adult child is appointed as guardian through a court, they are required to provide regular reports to a judge. Those burdens can be easily avoided with advance planning. Without a POA, the process of assigning a guardian or conservator in the courts can take several months and cost a great deal in legal fees.

It is my job to remind them that an estate plan is not only for preparing for death, but it also has to protect them when they are still alive, but too sick to take care of their matters.Īnyone over the age of majority should have this important document prepared, but it is especially important for the elderly to have a Power of Attorney, as the possibility of losing their mental capacity becomes higher with advanced age. Many clients come to our office wanting to create a will or a trust to take care of their financial affairs when they pass away. Eight things you should know to ensure your New York Power of Attorney works when you need it

Does a will have to be notarized in nys