Do I Need a Lawyer for a Power of Attorney?

What is a Power of Attorney, and Why Do I Need a Lawyer?

POAs can empower a person of your choosing to access money from your accounts to pay bills, manage retirement and investment accounts, transfer assets for Medicaid eligibility, and the list goes on.

Attorneys who specialize in estate planning and Medicaid can determine what specific powers your agents should have if you become incapacitated or immobile. While there is a standard power of attorney form that is created by New York State law, the document allows for certain modifications to allow your agent to take additional actions on your behalf, this is where the estate planning and elder law expertise can be crucial.

Does a Power of Attorney Need to be Signed Immediately?

The powerful nature of this document often deters people from executing a POA for fear that the agent will misuse or mismanage assets. Once you and your agent sign the document in front of a notary, your agent is authorized to act on your behalf with respect to the items granted in the document. If you are nervous about providing this power to someone else, you can wait to have the agent sign it until you are incapacitated or immobile. As long as the agent is aware of the location of the originals, they can retrieve it in this time of need.

There Are Many Factors to Consider When Creating a POA and Using Other Key Estate Planning Tools

Because we cannot predict when you will need assistance or how extensive that assistance will be, it is imperative to choose someone you trust unconditionally to act in your best interest in any circumstance. Your health, lifestyle, and age are factors to consider and incorporate into your estate planning. Proper estate planning contemplates your needs now, if you have diminished physical or mental capacity, and the needs of your loved ones after death. Just like a will or trust, a power of attorney requires competent legal advice to make sure you get it right!

By Britt Burner, Esq. & Erin Cullen

Britt Burner, Esq. is a Managing Partner at Burner Prudenti Law, P.C. focusing her practice areas on Estate Planning and Elder Law. Erin Cullen is a graduate of the Maurice A. Dean School of Law at Hofstra University. Burner Prudenti Law, P.C. serves clients from New York City to the east end of Long Island with offices located in East Setauket, Westhampton Beach, Manhattan, and East Hampton.