At Estate Planning Lawyer Long Island we provide all types of the legal services regarding Estate Planning. One of the important parts of Estate Planning is the signing power of attorney documents. A power of attorney is a document which appoints a person of your choosing (sometimes, more than one person) to act on your behalf with respect to your financial and business affairs. In New York, a power of attorney does not appoint a person to make healthcare decisions for you. You must have a separate health care proxy designation for that purpose. A power of attorney is a very powerful tool in estate planning. Be careful with powers of attorney and your designations. You have to trust your attorney-in-fact (a person who is designated as your agent under your power of attorney). New York law requires a separate Statutory Gift Rider to a power of attorney, which is a stand-alone document authorizing your attorney to make gifts using your property in excess of $500. The Statutory Gifts Rider must be witnessed. You may be as broad as narrow in your grant of powers to your attorney in fact. Powers of attorney usually have a list of powers that you may grant to any person as you see fit. Therefore, a careful review of all the powers is required before “all” are granted automatically.
Here at Estate Planning Lawyer Long Island, we understand just how important is your legal protection and paperworkers. Contact us if you want to learn more about our company (516) 693-9364!