New York Powers of Attorney
Powers of Attorney: A Vital Element in Estate Planning
Estate Planning Lawyer in New York
A Power of attorney is a legal document that appoints a trusted friend or family member to manage your money in the event you become disabled. One of the most significant benefits to a power of attorney is that it can eliminate the expensive process of a guardianship proceeding in court. You can designate one or more persons to manage your financial affairs, either individually or jointly.
The most important consideration in choosing your agent is that the person be trustworthy. Families do not always agree on how assets and property should be spent, invested and/or maintained. In choosing your agent for your power of attorney, it is important that the person have similar financial values as you. For instance, you would not want to choose a person who is much more extravagant or frugal in their spending than you. This will help your heirs to avoid conflict, as each person has their own perspective on how money should be managed or spent. Therefore, it is especially important that you make these decisions and appoint the right person, while you are alive and in good health.
The power of attorney will outline your wishes and appoint the person you trust to carefully follow your instructions. Honoring your wishes, while you are alive, and when you are gone, is our priority in creating your estate plan at the Law Office of Audra E. Dehan.