Appointing a power of attorney agent is one of the many benefits of estate planning. A power of attorney can protect you and your estate if you cannot make decisions for yourself. It is a handy tool, but in the wrong hands, it can be dangerous. You should be careful when choosing the power of attorney agent in New York. Knowing what you’re giving the power of attorney is also critical!
Our trusted Albany estate planning attorneys at Bailey, Johnson & Peck, P.C. can help.
What is Power of Attorney in New York?
Regarding estate planning, establishing power of attorney can be a smart move for the future. Nonetheless, many individuals overlook it until they need it later down the road. This is one of the major estate planning mistakes we see people make in their executor checklist.
Power of attorney options include:
- Non-durable power of attorney
- A durable power of attorney
- Special or limited power of attorney (such as finances)
- A medical power of attorney
- Springing power of attorney
How to Choose a Power of Attorney Agent in New York
Trust
Above all else, you should trust your power of attorney agent completely. This is someone who will have complete control over your life, so you have to be able to trust that he or she will make the same decisions that you would make or at least make good decisions on your behalf. You need to know he or she will not misuse the power.
Openness
Ideally, the person you choose should be someone with whom you can be completely open and honest. You need to discuss every potential situation and your wishes. The person should be able to handle talking about serious issues and situations that could occur and be willing to seriously consider what he or she would do in those situations as part of incapacity planning.
Power
Despite knowing the person well and being completely confident he or she will handle the power properly, you should also take time to determine how much power you wish to give your agent. You may wish to leave some things to legal documents, such as your will.
For example, you may not want to give the agent the power to sell property you own. The power you grant is your last defense to protect yourself and your heirs from an agent who does not act according to your wishes.
