![]() Limited power of attorney simply grants power of attorney to an agent in a very limited and temporary capacity. General power of attorney is the most wide-ranging, but is terminated when it is revoked or the principal dies or is otherwise incapacitated. In New York, there are four main types of power of attorney. This person is referred to as an “agent”, or less commonly “attorney-in-fact.” In New York, power of attorney can be granted over finances. Power of attorney is an estate document created by an estate owner – referred to as a “principal” – allowing another person to act on their behalf. What is a durable power of attorney? How is it created? And what should one be aware of when trying to designate a power of attorney? This article will answer these questions and address the sensitive, but necessary considerations that go into making this selection What is a power of Attorney? While most people have planned for how they want their affairs handled, have they stopped to think about who will execute the plan, if not them? This is where durable power of attorney comes into play in New York state, our main focus in this article. Planning for how one’s finances will be managed if they are ever incapacitated or otherwise unable to manage their finances themselves – this is done through a durable power of attorney.Planning for how one’s healthcare will be managed if they ever become so ill that they cannot communicate with doctors – this is done through the advance directive.Planning for how one’s assets and minor children will be taken care of after they pass away – this is done through the last will and testament.When was the last time you thought about your own estate plan? There are three aspects all good estate plans should include when handling power of attorney: ![]() Although difficult to talk about, death or incapacitation is ultimately inevitable, and it is important to have a plan in place directing how our affairs will be handled once we are gone.
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