Bronx & Westchester, NY Powers Of Attorney
Plan Ahead for Life’s Unexpected Circumstances
Estate planning is not only about determining what happens after your death. It is also about preparing for situations that may arise during your lifetime. An illness, injury, extended absence, or unexpected change in circumstances could make it difficult or impossible to personally manage important financial and legal matters. A properly prepared Power of Attorney can help ensure that someone you trust has the authority to act on your behalf when needed.
At Thomas M. Denaro, Esq., we help clients understand how a Power of Attorney can fit into a comprehensive estate plan. Attorney Thomas M. Denaro brings decades of legal experience to each matter and provides direct, personalized guidance when clients are making important decisions about their future.
We assist clients in Bronx and Westchester County, NY, while also serving Nassau, Queens, Kings, Richmond, Suffolk, Rockland, Orange, Putnam, and Dutchess Counties. Whether you are developing an estate plan for the first time or reviewing existing documents, we can help you understand the authority a Power of Attorney provides and prepare a document that reflects your intentions.
Creating a Power of Attorney does not necessarily mean giving up control over your own affairs. Instead, it allows you to plan ahead by selecting a trusted person to act as your agent and determining what financial authority that person should have. Careful planning now can make it easier for important matters to be handled if circumstances change later.
Call Thomas M. Denaro, Esq. at 718-863-6000 to schedule a consultation with a lawyer today.
Powers of Attorney Under New York Law
A Power of Attorney is a legal document through which an individual, known as the principal, authorizes another person, known as the agent, to act on the principal's behalf in specified financial and legal matters.
New York law establishes requirements for creating and executing a valid Power of Attorney. The state's statutory framework also identifies categories of authority that may be granted to an agent. Depending on how the document is prepared, this authority can extend to matters involving banking, real estate, insurance, taxes, investments, business interests, government benefits, and other financial affairs.
The scope of authority should be considered carefully. Some individuals want an agent to have broad authority to manage financial matters if necessary, while others may have more specific planning goals. We explain the choices available so you can decide which powers are appropriate for your circumstances.
Selecting an agent is equally important. An agent may be given access to significant financial information and the ability to make consequential decisions. The person you choose should therefore be someone you trust to act responsibly and in accordance with your interests. Depending on the plan, it may also be appropriate to designate a successor agent who can serve if the first person selected is unable or unwilling to act. New York law imposes duties on an agent acting under a Power of Attorney. An agent generally has a fiduciary responsibility to act according to the principal's instructions or, when instructions are not available, in the principal's best interests. The agent must also act within the authority granted by the document.
Certain estate planning transactions require additional consideration. If you want an agent to have authority to make significant gifts or take other actions that could affect your estate plan, those powers should be addressed carefully in the document. The language used can have substantial consequences for your property and beneficiaries.
Creating a Power of Attorney That Reflects Your Wishes
A Power of Attorney is most useful when it is created before it is urgently needed. If an individual loses the legal capacity required to execute the document before one is properly established, family members may face a more complicated legal process to obtain authority to manage that person's financial affairs.
For that reason, Powers of Attorney can be valuable for adults at many stages of life—not only older individuals or those currently experiencing health concerns. Planning ahead gives you the opportunity to decide for yourself whom you trust and what authority that person should receive. When you work with our firm, you work directly with an attorney. Attorney Denaro takes the time to discuss your circumstances, explain the responsibilities associated with a Power of Attorney, and help you determine how much authority you want to provide. Our goal is for you to understand the document before you sign it and feel comfortable with the decisions it reflects.
A Power of Attorney should also coordinate with the rest of your estate plan. Your will, trusts, asset ownership, beneficiary arrangements, and other planning documents may all affect the decisions that should be considered when determining an agent's authority.
It is also important to recognize that a Power of Attorney generally addresses financial and legal matters. Other documents may be necessary to address medical decisions and health care wishes. A comprehensive estate plan should consider both financial and personal planning needs rather than relying on a single document to address every circumstance.
Existing Powers of Attorney should be reviewed periodically. Changes in relationships, finances, property ownership, or the availability of a chosen agent may mean that an older document no longer reflects your wishes. Changes in New York law can also make reviewing previously prepared documents worthwhile.
At Thomas M. Denaro, Esq., we believe planning ahead can provide greater clarity for both you and the people you trust. By establishing a carefully prepared Power of Attorney, you can make important decisions on your own terms and put a plan in place for managing your financial affairs if you ever need someone else to act on your behalf.
frequently asked questions
What can an agent do under a Power of Attorney?
The authority depends on how the document is prepared. An agent may be authorized to handle matters involving banking, real estate, taxes, insurance, investments, business interests, government benefits, and other financial affairs.
Do I give up control when I sign a Power of Attorney?
No. Creating a Power of Attorney does not, by itself, prevent you from continuing to manage your own affairs. Instead, it gives your chosen agent legal authority to act within the powers granted by the document.
Who should I choose as my agent?
Your agent should be someone you trust to handle important financial matters responsibly and act in your interests. Depending on your circumstances, you may also want to name a successor agent in case your first choice cannot serve.
When should I create a Power of Attorney?
It is generally better to establish a Power of Attorney before an emergency or incapacity occurs. Creating the document in advance allows you to personally decide who should act for you and what authority that person should have.
What happens if I become incapacitated without a Power of Attorney?
If you become unable to manage your financial affairs without having appropriate planning documents in place, your family may need to pursue a court proceeding to obtain legal authority to act on your behalf. The circumstances determine what legal process may be necessary.
Can a Power of Attorney be changed or revoked?
Generally, a person with the required legal capacity can revoke or replace a Power of Attorney. Because proper procedures are important, an attorney can help ensure that changes are appropriately documented.
Does a Power of Attorney allow someone to make medical decisions for me?
A New York Power of Attorney primarily addresses financial and legal matters. Health care decisions are generally addressed through separate advance planning documents, such as a Health Care Proxy.
Have Questions About Estate Planning?
Whether you are creating a will, establishing a trust, protecting your assets, or preparing powers of attorney, thoughtful planning can help protect your wishes and provide greater clarity for the future. Call Thomas M. Denaro, Esq. at 718-863-6000 today to speak directly with an attorney about creating an estate plan tailored to your needs and goals. 24/7 Phone Availability | Hablamos Español.