Setting Up a Power of Attorney for a Loved One

 Posted on February 14, 2023 in Estate Planning

As people grow older, they may face various challenges and legal issues related to healthcare, finances, and end-of-life planning. Many seniors face physical and cognitive declines that impact their ability to make decisions for themselves. In these situations, a power of attorney can be a valuable tool for protecting the senior’s wishes and interests. 

A power of attorney is a legal document that allows an individual to grant someone else the authority to act on their behalf in a legal or business matter. The person granting the authority is known as the “principal,” while the person who is granted the authority is referred to as the “agent.” A power of attorney can be an important way for seniors to maintain control over their affairs and ensure that their wishes are respected, even if they cannot make decisions for themselves. Today, we will look at what is most important regarding elder law and power of attorney. If you are an older adult and are interested in how elder law may be able to impact your life positively, or you are someone who has a loved one you believe could benefit from what elder law can provide, contact a knowledgeable estate planning attorney well-versed in elder law, so that you or your loved one can enjoy their golden years in peace and relaxation, without having to worry about not having their affairs in order in case of the expected or unexpected.

Types of Power of Attorney in the Metro New York Area

In New York and Connecticut, there are two primary forms of power of attorney. These forms include:

• Power of attorney for property matters and financial matters 

• Power of attorney for healthcare 

Moreover, different arrangements for a power of attorney are important to be aware of. These are referred to as durable and non-durable power of attorney. For example, if you appoint a non-durable power of attorney, this person can make decisions and act on your behalf. However, this power of attorney arrangement would end if you become incapacitated. On the other hand, a durable power of attorney is set up so that the power of attorney arrangement would not end even if you did become incapacitated. 

Contact a Greenwich, CT Power of Attorney Lawyer

It is important to choose the type of attorney appropriate for your needs and understand the limitations that apply to every kind of power of attorney. To understand the options for you or your loved one, consider contacting the highly experienced Metro New York Area estate planning attorneys with Ivey, Barnum & O'Mara, LLC. Call 203-661-6000 for a free consultation.

Source:

https://www.americanbar.org/groups/real_property_trust_estate/resources/estate_planning/power_of_attorney/