Establishing Power of Attorney in Connecticut or New York

 Posted on April 08, 2021 in Estate Planning

It can be an uncomfortable subject to consider, but life is finite. Eventually, everyone passes away. Often, an individual’s death is preceded by an incapacitating illness or injury. If you ever become incapacitated and unable to speak for yourself, who would you want to speak on your behalf? A power of attorney is an important estate planning instrument that authorizes someone to speak on your behalf regarding medical or financial concerns. Establishing power of attorney is a crucial component of a comprehensive estate plan.  

Power of Attorney for Property and Healthcare

If you are disabled and unable to communicate, you need someone to manage medical and financial decisions for you. A power of attorney assigns decision-making authority to a person called an agent. The agent is someone that you trust to make the same types of decisions that you would make if you were able to do so. A financial power of attorney or general power of attorney assigns financial decision-making authority. The scope of the agent’s financial responsibilities may be broad or limited. The agent is required to make decisions that follow the parameters established by the power of attorney document.

A healthcare power of attorney grants medical decision-making authority. Your selected agent will need to communicate your wishes to your doctors in the event that you are debilitated. The agent may make decisions about feeding tubes, surgery, resuscitation, ventilation, and other medical concerns. The agent may also carry out your final wishes regarding organ donation and funeral and burial preferences.  

Choosing the Right Power of Attorney

You may decide to grant both medical and financial power of attorney to the same person or split the responsibilities between two people. The person that you choose to represent you should be someone who has the integrity to follow your wishes – even if he or she personally disagrees with those wishes. It should also be someone who has the emotional fortitude to handle this heavy responsibility. Many people choose a spouse, adult child, or other close relatives. However, you can choose any adult that you feel is capable of carrying out your wishes.  

Contact a Metro New York Estate Planning Attorney

Proper estate planning has numerous personal and financial advantages for you and your loved ones. However, the estate planning process is also full of complications and potential pitfalls. For help creating your estate plan, turn to the experienced New York estate planning lawyers at Ivey, Barnum & O’Mara, LLC. Call us at 203-661-6000 for a free consultation.

Source:

investopedia.com/terms/p/powerofattorney.asp