As someone in a role of power of attorney, you have specific responsibilities to carry out. Someone else has trusted you with this role to make important decisions for them when they cannot act with a clear mind. Through a legal document, it establishes that a power of attorney has the authority to act for another person. People may wish to choose a friend, family member or even a business entity as their power of attorney. In the end, they should choose someone they trust making important decisions for them.
In the state of New York, there are a few different categories for power of attorneys. These individuals can have different responsibilities based on the situation of the individual who has given them authority.
General power of attorney
Someone who is given the authority as the general power of attorney has the ability to conduct the same financial actions that you would perform. These tasks can include filing taxes, executing contracts or borrowing money.
Limited power of attorney
As someone with a limited power of attorney, you are an agent that can take certain actions on behalf of another individual. These actions are at the discretion of the individual who gave you the authority. They have the ability to make your power as limited or as broad as they would like. Due to this, a limited power of attorney can vary depending on each situation.
Durable power of attorney
When you are unable to make decisions due to an incapacitated nature, your durable power of attorney will have the knowledge to make end of life care decisions for you. Previously, you would have told them how to proceed with certain procedures. You will have told them your take on life support and organ donation, along with other aspects. This individual will ensure that end of life care is done accordingly and can even manage finances according to directions they were given.
Springing power of attorney
After a triggering event in a person’s life, a springing power of attorney can go into effect. These events may include something of a medical or physical nature that caused a disability. The individual is then given the authority to make certain decisions for the other party.
Matters related to bankruptcy and estate planning are very significant in one’s life and require the services of an experienced attorney. Our firm proudly serves clients throughout Rockland County and New York State. If you need effective legal guidance, contact Koplen Law today to schedule a consultation.