Power of Attorney
($100 includes one revision within three years)
A power of attorney is a document in which a person (called the “principal”) grants the power to another person (called the “agent” or “attorney-in-fact”) to handle the principal's financial, business and other non-medical transactions on behalf of the principal. A power of attorney can not be used to give someone authority to make health care decisions on another's behalf. A Health Care Proxy and a Living Will are the documents that one should have in appoint someone to act on their behalf with respect to medical decisions.
New York Law sets forth three types of powers of attorney: Durable, Non-Durable and Springing. The most versatile is the Durable General Power of Attorney. This type of power of attorney is effective immediately upon execution and continues to be effective after the principal loses the capacity to manage his or her affairs. It
The second type of power of attorney is called the Durable General Power of Attorney Effective at a Future Time (also called the “Springing power of attorney”). This type of power of attorney becomes effective at a future time (such as the incapacity of the principal) and continues to be effective after the principal loses capacity).
The third type of power of attorney is the Non-durable General Power of Attorney. This form becomes effective immediately after execution, but does not continue to be effective after the principal loses capacity.
Whether “Durable,” “Non-Durable” or “Springing,” a Power of Attorney can be used to grant any, or all, of the following legal powers to an Agent:
a. Real estate transactions;
b. Chattel and goods transactions;
c. Bond, share and commodity transactions;
d. Banking transactions;
e. Business operating transactions;
f. Insurance transactions;
g. Estate transactions;
h. Claims and litigation;
i. Personal relationships and affairs;
j. Benefits from military service;
k. Records, reports and statements;
l. Retirement benefit transactions;
m. Making gifts to the principal’s spouse, children and more remote descendants, and parents, not to exceed in the aggregate $10,000 to each of such persons in any year; and
n. Tax matters.
It cannot be used for health care related decisions. For those decisions, one should have a Health Care Proxy and a Living Will. A Health Care Proxy is basically a Medical Power of Attorney and appoints an agent to make decisions regarding the health care of the grantor if the grantor is otherwise unable. A Living Will is a document executed by someone to declare what their wishes are. It can be used by the health care provider or the health care proxy to have a "clear and convincing" idea as to what your wishes are.
These two documents overlap and form the most effective protection to ensure your wishes are met. A Healh Care Proxy gives your power to make decisions to someone with whom you have already (assumedly) spoken about regarding your wishes. The Living Will provides the Proxy with a more firm direction and if a question arises that is outside the scope of the Living Will, the Health Care Provider or Proxy can then make an informed decision taking into account the Living Will, Health Care Proxy and the conversations.