New York City Powers of Attorney Lawyers
Power of Attorney is essentially a document that gives a person, such as an attorney-in-fact or an agent, the power to act on the behalf of another person, known as the principal. The powers enacted in such a case can be broad or very specific, and they often involve certain financial matters as well as health care and guardianship issues.
Therefore, when establishing your estate or protecting your financial well-being against unexpected injury or sudden incompetence, you need a New York City Powers of Attorney lawyer to help expedite the handling of your financial affairs. For New York City’s most proliferous power of attorney lawyers, contact Hoffmaier & Hoffmaier today at 212-777-9400 today.
The Basics of Power of Attorney in New York
Unfortunately, a time will come where you cannot make important decisions by yourself. Often, this is the case if you become severely ill, are involved in a major accident, or simply become mentally incapacitated due to old age. As such, a Power of Attorney helps you prepare for these events by granting legal permission for another person to make those decisions for you.
You can either set a date or a circumstance for when the Power of Attorney takes effect. For example, you can designate the Power of Attorney to begin upon the signing of a written statement by a physician or psychologist. You can also set a specific termination date or end the Power of Attorney upon your death. When determining your agent in these cases, it is always advised to carefully choose a trustworthy and reliable person, as it is essential to safeguard against potential abuse of the potential a Power of Attorney offers.
When a Power of Attorney is Useful
A Power of Attorney in New York can be useful in a myriad of situations. When drafting the Power of Attorney, it is important to include the certain powers that your agent could employ. Some of the circumstances when a Power of Attorney can be especially beneficial could include:
- The power to make gifts for estate planning and/or Medicaid
- The power to change the principal’s domicile to another state
- The power to access safe-deposit boxes
- The power to disclaim inheritance or insurance proceeds
- The power to sign IRS tax forms and/or settle tax disputes
- The power to settle, pursue, or appeal litigation
- The power to collect proceeds from health or long-term insurance
- The power to set up and amend trusts
- The power to amend or revoke the Power of Attorney document
Due to the actions made possible by a Power of Attorney, extensive care needs to be taken when drafting this document. In most cases, specificity is one of the most important qualities of a strong Power of Attorney.
Contact Hoffmaier & Hoffmaier
As one of the leading personal injury and estate planning firms in New York City, Hoffmaier & Hoffmaier PC has helped hundreds of individuals with their Power of Attorney documents, both in terms of drafting and administration. Our experienced lawyers will work with you, one-on-one, throughout the entire process, ensuring comprehensive legal oversight backed by a thorough knowledge of New York law.
