Life is full of uncertainties. That is why it is smart to plan ahead for the management of your legal and financial affairs should you become mentally or physically incapacitated. Frequently, a New York Springing Power of Attorney is used in this regard. A Springing Power of Attorney is similar to a Durable Power of Attorney, except that it is triggered at such time that you may become incapacitated and not at the time you sign it.
So basically this means that the person you designate as your agent/attorney-in-fact can only act when and if you become disabled or mentally or physically incapacitated and can no longer act on our own behalf. You can define the terms “incapacitated” or “disabled” so that you can decide at what moment you are comfortable giving up control over making your own decisions.
Advantages of a Springing Power of Attorney
The following are some of the advantages of making a Springing Power of Attorney:
• Your family won’t have to spend unnecessary costs associated with having to go to Suffolk County or Nassau County Surrogate’s Court and establishing a conservatorship or guardianship.
• They won’t be burdened or worried about having to make difficult financial and legal decisions for you because they know that your wishes and needs are being carried out the way you wanted them to be handled.
• Important legal and financial decisions that affect your assets and your well being and that of your family can continue to be made.
It is important to give careful thought to who you are going to choose to act as your agent. Many times, people choose a spouse or one of their children to act on their behalf. The person should be someone that is trustworthy, reliable and dependable. It is also not unusual for a person to choose an organization or friend to act as an agent.
Other Necessary Documents
There are also other documents that you may need if you become incapacitated besides a Springing Power of Attorney such as:
Living will. A living will gives your designated agent the authority to make end of life health care decisions on your behalf such as whether or not to resuscitate you.
Health care proxy. A health care proxy gives your agent authority to make decisions regard medical care and to give consents to your doctor or other health care providers when you are unable to do so. However, you still retain the power to make those decisions for yourself as well.
Long Island Probate and Estate Attorney
It is important to plan ahead so that you have control over who will make important financial and legal decisions for you when you are no longer able to do so. Since these matters are complex most rely on the expertise and advice of a Long Island probate and estate attorney. A Long Island probate and estate attorney can prepare the Springing Power of Attorney for you or any other Power of Attorney you require as well other legal documents, including a will and/or trust agreement. A Long Island probate and estate attorney also represents personal representatives of estates, heirs and beneficiaries, creditors and other parties to an estate with regard to routine probate and estate litigation matters and estate tax matters.
If you wish to speak to a Long Island estate attorney, call the Law Offices of Albert Gurevich at (516) 777-0647.