In addition to creating a will and possibly even a trust to manage the distribution of your assets after you pass away, you may also need a power of attorney document which is more important for management of your life while you are alive. A power of attorney is related to decisions and actions in your life if you become incapacitated and unable to handle them on your own.
These strategies and the resulting document can be very beneficial in situations where you are facing a serious illness or become incapacitated and are not able to speak for yourself. In many cases, it is also used to help advocate and plan for aging parents. The most common power of attorney roles include appointing someone you trust as the agent to make financial or medical decisions for you or both.
You might also specify someone to serve as your digital power of attorney so that they can claim, close or access any of your online accounts. A power of attorney document should be reviewed on a regular basis to make sure that you are comfortable with the stipulations inside as well as the person you have appointed as your agent.
Since New York implemented a few changes to their POA laws that became active July of 2021, make sure you’re working with an NYC estate planning attorney who can help you create a valid and up-to-date estate plan.
When you take a look at this on an ongoing basis, you can make necessary changes and ensure that all of your estate planning tools and documents are still in line with your overall goals. Reach out to set up a meeting with an NYC estate planning lawyer today.