Power of Attorney in Queens, NY
The topic of Power of Attorney (also referred to as ‘POA’) can be difficult to navigate. The value of a well-drafted Power of Attorney tailored to a person’s unique needs can be a great alternative that dispenses the need for a Judicial Guardianship Proceeding if and when a person is unable to manage their own affairs.
Guided by strong principles and attorney ethics, the Power of Attorney lawyers at N. Khasidova & Associates are here to help.
What is Power of Attorney (POA)?
If a loved one needs assistance managing their medical, property, or finances, a Power of Attorney is a legal document that gives any competent adult the ability to manage those areas of importance for them. A Power of Attorney document must be voluntarily executed by the creator of the Power of Attorney (called the “Principal”), whereby the Principal appoints an Agent to act on their behalf in certain situations or certain conditions, such as in the case of a medically documented disability.
The Principal creator of the Power of Attorney may appoint any of the following as their Agents:
- Family member
- Spouse/Civil partner
- Friend
Wills
Trusts
Power of Attorney
Will Contest
Kinship Matters
Administering an Estate
Buying/Selling Real Estate
Types of Powers of Attorneys
While it’s common to have one person (or ‘Agent’) act in your interest, there are some who would prefer to have different or several parties (or ‘Agents’) be in charge of various items of importance. Depending on the powers the Principal gives to the Agent, the Agent may be able to act on financial affairs, legal affairs, and in connection with sales or gifts of property.
There are several types of Powers of Attorneys that cater to all agreement preferences:
General Durable Power of Attorney
This Power of Attorney provides the Agent appointed by the Principal to act on behalf of the Agent in all matters that are authorized — such as filing taxes, settling claims, managing bank accounts, and much more. This document can often be very broad and confer power to the Agent to step into the shoes of the Principal in accordance with a scale of powers that can be as expansive as desired by the Principal. This document stays in place until it is revoked or the Principal passes away.
Springing Power of Attorney
Unlike an immediately effective Power of Attorney (which starts as soon as the document has been signed), a Springing Power of Attorney begins when an individual (Principal) is medically declared unfit by a doctor.
Limited Power of Attorney
This is the type of attorney often used to effectuate single transactions, such as a Real Estate closing where the Seller or Buyer is unavailable to physically attend a closing for whatever reason. The Agent can only manage certain aspects of a Principal’s assets or affairs when appointed as a Limited Power of Attorney Agent. Anything that falls outside what they are permitted to do will have to be handled by an additional approved Agent. In the event that the Principal would like to update the arrangement, they must authorize the Agent to have a new, added area of authority.
Contact Our Team Today
If you’re looking for a Power of Attorney lawyer in and around Queens, NY, the team at N. Khasidova & Associates is here to help. Our philosophy makes us easily accessible to a diverse clientele with unique backgrounds and family dynamics. Call us or fill out a simple form to discuss your case today.