Establishing Powers of Attorney in New York
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When you are planning for the future, you must take a lot of issues into consideration. While you may be able to make your own decisions now, you may not always have the ability to assert your wishes due to an illness, disability or some other form of incapacitation that occurs in the future. In order to ensure that you are properly prepared for that time, whenever it may come, it is important that you establish powers of attorneys. When you do this, you formally designate someone you trust to make important legal decisions on your behalf.
At Korsinsky & Klein, LLP, our New York estate planning lawyers are entirely dedicated to representing elderly citizens and their families through a wide array of elder law matters. Whether you need assistance concerning your estate taxes or you need representation regarding Medicaid, our well-rounded and compassionate legal team is available to provide you with effective legal guidance.
General Durable Power of Attorney
Through the drafting of a power of attorney, you can grant a designated agent specific powers over your personal, business, and financial matters. Once you establish your agent (also known as an attorney-in-fact), your business and financial assets will be immediately exposed to your agent. This is why it is crucial to choose an attorney-in-fact whom you can depend on and trust.
You can delegate many powers to your agent, and you can establish the powers as limited or unlimited. Powers over your business or financial matters could include the following:
- Banking transactions
- Bond, share and commodity transactions
- Business operating transactions
- Claims and litigation
- Estate transactions
- Insurance transactions
- Real estate transactions
- Retirement benefit transactions
- Tax matters, including tax returns
Legal Counsel for Major Financial & Healthcare Decisions
Power of attorney documents relate to your financial decisions. A durable power of attorney will become active upon notarization. Health care proxies or living wills, on the other hand, authorize an individual to make medical or other health care decisions on your behalf. All of these documents are extremely important to have and can protect your rights, health and property in the long run.
Choose a Brooklyn Estate Planning Lawyer From Korsinsky & Klein, LLP
Because a durable power of attorney can greatly impact both you and your attorney-in-fact, it is crucial that both parties completely understand the ramifications of the decisions that are outlined in the document. Our New York estate planning attorneys at Korsinsky & Klein, LLP will be your side to help you evaluate your options and make critical decisions. We will offer sound legal guidance and will you and your attorney-in-fact comprehend every aspect of a durable power of attorney agreement to minimize future disputes.
With our lawyers assisting you, you will have the resources you need to fully understand your rights, obligations and duties. We are experienced in a wide range of estate planning, elder law, and tax matters. Each of our attorneys can be trusted to bring value and unique insight to your case. Contact us online, or call 212-495-8133 today.