New York estate planning attorney Yana Feldman (https://yanafeldmanlaw.com/what-you-need-to-know-about-a-durable-power-of-attorney-in-new-york/) of New York Legacy Lawyers has published an in-depth guide on the critical aspects of a durable power of attorney (POA) in New York. The article, ‘What You Need To Know About A Durable Power Of Attorney In New York’, provides a comprehensive understanding of the financial and healthcare responsibilities associated with a power of attorney.
Feldman, a New York estate planning attorney, aims to clarify the process and requirements for setting up a durable power of attorney. The guide underscores the role of power of attorney in safeguarding one’s financial and healthcare decisions, especially in situations of incapacity.
The New York estate planning attorney explains, “The term ‘durable’ in the context of a power of attorney indicates that the POA remains valid even if the individual it concerns becomes incapacitated. It’s essential to understand this aspect when planning for potential future incapacity.”
The article further elaborates on the two types of durable power of attorney: financial and healthcare. A financial power of attorney allows a trusted individual to oversee one’s finances if they become incapacitated or are unavailable. On the other hand, a healthcare power of attorney, or healthcare proxy in New York State, enables a designated person to make healthcare decisions on one’s behalf.
“Whether it’s financial or healthcare, it’s crucial to choose a trusted individual for the power of attorney. They should be able to make decisions in line with the designated wishes and best interests,” Feldman advises.
The guide also discusses how to sign as power of attorney and the precautions to take when doing so. Feldman emphasizes the need to specify one’s authority as an ‘attorney-in-fact’ when signing and to maintain well-organized records of the proceedings.
The article also addresses a crucial question: “Do spouses automatically have power of attorney?” Feldman informs that marriage doesn’t automatically grant a spouse the right to act on one’s behalf. Without a power of attorney, a spouse will have to go through a time-consuming and expensive process to obtain legal authority to act for their incapacitated partner.
The article provides a warning about the risks of preparing a durable power of attorney without professional help. Feldman warns of the potential for costly errors and strongly recommends using an estate planning attorney to prepare the durable power of attorney.
To learn more about durable power of attorney and other estate planning matters, visit New York Legacy Lawyers’ website.
About New York Legacy Lawyers:
New York Legacy Lawyers is a reputable estate planning law firm led by the highly experienced attorney Yana Feldman. The firm is dedicated to providing comprehensive, tailored services to help clients navigate the complexities of estate planning. With a focus on creating lasting legacies, New York Legacy Lawyers has extensive experience in durable power of attorney, trusts, estate taxes, and more. They are committed to helping individuals and families make informed decisions and execute their responsibilities effectively, thereby ensuring peace of mind in estate planning matters.
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