Plan the details that give another the right to make decisions on your behalf.
POWER OF ATTORNEY
A power of attorney allows a third party to act as your agent in the event you are unable to. When you sign a power of attorney, you become known as the principal, and the person to whom you give the authority to act on your behalf becomes your agent.
At Solomon Richman, P.C. we are prepared to help you draft the appropriate documents to delegate authority to a person who can act on your behalf to make decisions regarding your property, finances or other legal decisions when you are unable to make those decisions on your own.
New York’s General Obligations Law recognizes three types of powers of attorney. These include a non-durable power of attorney, a durable power of attorney, and a springing power of attorney. Each has a specific use and purpose. It is important to note that none of these documents provides for health care decisions to be made on behalf of the principal.
Non-Durable Power of Attorney – this type of power of attorney becomes effective as soon as you sign it. Until the time you revoke the powers, the time of your death, or until you become mentally incapacitated, your agent may act on your behalf to carry out any issues that are spelled out in the power of attorney. These types of documents are often used for temporary situations such as handling your affairs while you are traveling or when you are involved in a real estate transaction.
Durable Power of Attorney – durable powers of attorney may be effective immediately and they remain in effect until the time the principal is deceased. These documents allow an agent to make all decisions except healthcare decisions on behalf of the principal. It may be revoked at any time and at the time of the death of the maker they become invalid.
Springing Power of Attorney – in 1997, New York adopted this form of power of attorney, which goes into effect upon a specific occurrence such as illness or disability. This type of power of attorney requires the maker’s physician to certify whether or not the principal is capable of making their own financial decisions. These remain in effect until they are revoked by the court or until the death of the principal.
Having a power of attorney in place can ensure your legal and financial matters are taken care of in the event you are unable to attend to these matters yourself. Solomon Richman, P.C. can help you draft the appropriate powers of attorney which will ensure the person you designate is taking care of your legal matters versus resorting to someone appointed by the courts to deal with them.
Keep in mind, these documents are only for financial and legal matters and do not pertain to any healthcare orders you may wish to have in place. Contact Solomon Richman, P.C. at (516) 437-6443 for assistance in drafting your power of attorney.