Buffalo Power of Attorney Lawyers

Life has a way of surprising us, sometimes in good ways and sometimes in ways we never expected. You might be healthy today, fully capable of handling every aspect of your life, but things can change quickly. That’s why having something as simple, yet powerful, as a power of attorney can make all the difference. Creating such a document can ensure that someone you trust has the ability to act for you if, for whatever reason, you can’t. At Raimondo & Sundquist LLP, our Buffalo estate lawyers are here to help you draft a power of attorney that gives you the peace of mind you deserve. Contact us today.

What is a Power of Attorney?

A power of attorney is a legal document that lets one person, known as the agent, make decisions or take actions on behalf of another person, called the principal. That can sound intimidating, but in practice, it’s a simple concept. Maybe you want your spouse to handle your finances while you’re recovering from surgery, or maybe you want your adult child to sign documents or manage bills while you’re out of state. A power of attorney makes that possible.

When you sign a power of attorney, you’re essentially saying, “If I’m unable to take care of this myself, I trust you to do it for me.” The agent has a duty to act honestly and in your best interest at all times. The law required agents to keep records, avoid conflicts of interest, and follow your wishes whenever possible.

Types of Powers of Attorney in New York

Some powers of attorney are broad and cover nearly everything, while others are more narrow and specific. Some of the main types of powers of attorney are as follows:

• General Power of Attorney: This gives your agent wide authority to handle your affairs, such as bank accounts, contracts, taxes, and more. It usually ends if you become incapacitated unless it’s made “durable.”
• Durable Power of Attorney: Stays valid even if you become incapacitated, which is why this version is the most common. It ensures your affairs continue without interruption if you can’t manage them yourself.
• Limited or Special Power of Attorney: Used for specific tasks or transactions, like selling a property or managing one account. Once that task is done, the power of attorney typically ends.
• Springing Power of Attorney: This type only “springs” into effect when a certain event happens, such as a doctor determining that you’ve become incapacitated.
• Health Care Proxy (Medical Power of Attorney): Separate from a financial power of attorney, this document allows your chosen agent to make medical decisions if you can’t communicate your wishes.

How to Create a Power of Attorney

Creating a power of attorney isn’t as simple as printing a form and signing it. To make it valid and enforceable, you have to follow specific steps set out in the law. Missing one detail could invalidate the entire document, so it’s important to be precise. That’s where our power of attorney lawyers come in. The general process of creating a power of attorney is as follows:

1. Choose your agent. In many ways, this is the most important step. Pick someone who is responsible and trustworthy.
2. Decide what powers you want to give. You can give broad authority or limit it to specific tasks. Be as clear as possible.
3. Use the correct New York statutory form. Under General Obligations Law §5-1501, certain powers of attorney must use the official short form, which includes specific language and formatting.
4. Sign the document before a notary public and two witnesses. As of 2021, New York requires both notarization and two disinterested adult witnesses who aren’t named as agents.
5. Keep copies in a safe but accessible place. Provide one to your agent, one to your attorney, and one to any financial institution that might need it.
6. Include a Statutory Gifts Rider, if necessary. If you want your agent to make gifts or transfers beyond basic management, this separate section must be properly signed, witnessed, and notarized.
7. Record the document when required. For real estate transactions, your power of attorney may need to be recorded with the county clerk in the county where the property is located.

Revoking or Changing a Power of Attorney

Life changes, and as it does, your power of attorney may need to follow suit. For example, if your agent moved away, your relationship changed, or if you simply want someone else to take over those responsibilities, you’ll need to update or revoke the power of attorney. Fortunately, you can do this at any time, as long as you’re mentally competent to do so. To modify your power of attorney, take the following steps:

1. Write a formal revocation. It should clearly state your intent to cancel the previous power of attorney and identify the agent and date of execution.
2. Notify all involved parties. That means your former agent, your lawyer, and any banks or institutions that have the old document on file.
3. Collect and destroy old copies.
4. Create a new power of attorney if needed. You can immediately replace your prior document with an updated one, naming a new agent or adjusting the powers granted.

Contact Our Buffalo Estate Planning Lawyers

At Raimondo & Sundquist LLP, our Buffalo power of attorney lawyers are here to help you through each step of the process. Contact us today to learn more about how we can help protect your rights, your property, and your peace of mind through thoughtful estate planning.