What Is a Power of Attorney and Why Do You Need One in New York?

A power of attorney is a legal document that lets you appoint someone you trust to handle your affairs if you become unable to do so yourself. Creating one now allows you to assert control over your own life and future while you still have it, and that control will continue if you become incapacitated. A Forest Hills lawyer can help you craft your documents so they do exactly what you want. 

Understanding a Power of Attorney

Powers of attorney are governed by the General Obligations Law, Article 5, Title 15. For your directions to be valid, you’ll need to sign the document in front of a notary and two witnesses who are not named as agents. Once it’s in place, then, if you lose capacity due to illness or injury, your nominated person would take over to direct your finances. 

You can make the power of attorney as broad or narrow as you want. A general power covers almost everything: banking, real estate, taxes, insurance, and investments. But if you don’t want a single person to have complete control, you can always limit them to specific tasks, such as selling one piece of property or handling a single bank account.

Healthcare decisions require a separate healthcare proxy to be nominated and aren’t covered by the standard power of attorney document (though you can nominate the same person to both care for your finances and also make medical decisions for you if you cannot). The two documents work together as part of a complete plan.

Why You Need One Sooner Rather Than Later

Life changes fast. A sudden stroke, a car accident, or a progressive condition like dementia that moves more quickly than you were told to expect can all leave you unable to pay bills, file taxes, or make decisions about your home. Without a power of attorney in place, your family would have to go to court to get someone appointed to take care of these things. That makes the whole thing public, expensive, time-consuming, and puts the final decision on who controls your finances in a judge’s hands instead of yours. Plus, during the delay, your estate could suffer loss.

But if you’ve set things up correctly, then your chosen agent can step in immediately to deposit your Social Security checks, pay your mortgage, speak with insurance companies, or sell assets if needed for your medical care. You also protect yourself from family disputes. By naming one or more agents in advance and stating your wishes clearly, you reduce the chance that relatives will fight over who should handle your affairs. Many people assume a spouse or adult child can automatically handle everything for an incapacitated person, but New York law does not work that way. 

A power of attorney is one of the simplest yet most powerful tools you can create to protect your future and spare your loved ones unnecessary stress. Visit DeCandido & Azachi in Forest Hills, NY today to set up a consultation.

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