Power of Attorney
Power of AttorneyWhite Plains Mt Kisco Power of Attorney
A power of attorney is a document which grants financial and property powers. In the view of our Firm, it is one of the most important legal documents in estate planning.
It is also one of the least understood.
In 2009 and again in 2010, the New York legislature significantly amended its Power of Attorney statute. The revised statute has dramatically altered the form to be used. It is very important to work with an attorney to make sure that the correct form is used with the appropriate amount of power granted to your agent. If the wrong form is used, it will not be valid and no financial institution will accept it.
The power of attorney form is set by state law. A person signing the form and granting the power is known as the “principal.” The person who receives the power is called the “agent.” The state form lists a set of powers that seem exhaustive, but are not. The form provides designated areas where the principal may provide additional powers to the agent. Our Firm takes great care in making sure to add the appropriate modifications to the form for each client’s unique situation.
Most clients come into our office with inadequate powers of attorney in place. They are either the wrong form for the year executed, and so will be rejected by the financial institutions, or they are lacking in appropriate trust and gifting powers. The default state form is limited in granting gifting powers and provides no trust powers. Gifting and trust powers are the most important ones to have if a person loses capacity and has expensive medical costs not covered by private insurance or Medicare. In such instances, family members are then forced to seek such authority from a guardianship court and are supervised by guardianship court for the rest of the person’s life.
For more than forty-five years, the deeply knowledgeable and experienced estate planning attorneys at Shamberg Marwell Hollis Andreycak & Laidlaw, P.C. have helped clients obtain peace of mind by developing an estate plan with the appropriate legal documents that are unique to their particular circumstances.
Please call us today to schedule a free initial consultation. Should you choose to retain our attorneys, we will provide an unmatched level of communication, service and compassion.