A power of attorney is an advance directive that is designed to designate an agent to make financial decisions on a person’s behalf in the event he or she becomes incapacitated. There are a number of benefits to developing a comprehensive power of attorney.
Establish Who Will Make Decisions on Your Behalf
In the event that a person becomes incapacitated and can no longer make decisions, a designated agent that you trust will now be able to act on your behalf to make important financial decisions. If a person does not have a comprehensive power of attorney, a guardianship proceeding may need to be commenced. Continue reading “Benefits of Establishing a Comprehensive Power of Attorney”
For a person to execute advanced directives such as a Health Care Proxy, Living Will, and Power of Attorney he or she must have the mental capacity to understand what he or she is signing and the power that is being given to the designated agent(s) named in the documents. If an individual does not have adequate capacity to execute advanced directives, an Article 81 proceeding may be commenced in order for a court to appoint a guardian. Article 81 of the New York State Mental Hygiene Law allows a proceeding to occur before a judge, where a person may request that the court appoint a guardian to act on behalf of a mentally incapacitated individual. Continue reading “Guardianship Proceedings”
New York State offers two types of guardianship proceedings for adults:
- Article 17-A guardianship under the Surrogate’s Court Procedure Act (SCPA)
- Article 81 guardianship under the Mental Hygiene Law (MHL)
While both of these proceedings involve a court being petitioned to appoint a guardian to care for the needs and property of another, there are some differences. Continue reading “Guardianship Proceedings in New York State”
Caring for an elderly individual with Alzheimer’s can be challenging. Due to the degenerative nature of the condition, a person with Alzheimer’s may reach a point when they are no longer capable of making informed decisions about the assistance or care they need. If an individual becomes incapacitated and did not establish a Power of Attorney, his or her loved ones may seek to establish a guardianship through a court proceeding or have it granted by a judge. Continue reading “Guardianship of Incapacitated or Disabled Persons in New York”
As members of the armed forces, military servicemen and servicewomen put their lives on the line every day to protect the lives and freedom of the American people. A person’s estate encompasses everything from a home, cars, jewelry and other tangible possessions to savings and checking accounts, retirement funds, insurance policies, small business and survivor benefits. It is important for our fighting men and women to establish a plan to protect their loved ones from financial hardships, reduce taxes, assign children’s guardianships and allow assets to be passed to beneficiaries quickly and without emotional stress or conflict.
Continue reading “Estate Planning Considerations for Military Personnel”