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Empowering Your Future: The Significance of a Power of Attorney in New York

A power of attorney is a legal document that empowers an individual (the “principal”) to designate a trusted agent (the “attorney-in-fact” or “agent”) to make important decisions and take actions on their behalf. In New York, the General Durable Power of Attorney is a critical legal instrument that ensures continuity and protection of one’s interests, especially in situations where the principal is absent, incapacitated, or facing health challenges.

I. Significance of a Power of Attorney

A power of attorney is a versatile legal tool that provides a designated agent with the authority to act on the principal’s behalf in various matters, including financial, legal, and business decisions. It is especially valuable in situations where the principal is unable to manage their affairs, such as during international travel, illness, or incapacity. The power of attorney ensures that a trusted individual can make decisions that align with the principal’s best interests, preserving their financial well-being and personal affairs.

II. Responsibilities, Duties, and Obligations of the Attorney-in-Fact

The attorney-in-fact holds a position of trust and must act in accordance with the principal’s directives and interests. Their responsibilities may include:

Managing financial accounts, assets, and investments.
Paying bills and expenses.
Making legal decisions, including signing contracts or settling legal matters.
Making healthcare decisions, if granted healthcare powers.
Acting in a fiduciary capacity, exercising diligence and loyalty to the principal.

III. General Durable Power of Attorney in New York

In New York, the General Durable Power of Attorney is a robust legal document that remains effective even if the principal becomes incapacitated. It provides a wide range of powers, allowing the attorney-in-fact to manage various aspects of the principal’s life. This instrument can be used for real estate transactions, banking, tax matters, and more.

IV. Selecting the Right Attorney-in-Fact

Choosing the right attorney-in-fact is a crucial decision. Considerations for selecting a candidate include:

Trustworthiness and reliability.
Competence to handle financial and legal matters.
Availability and proximity, especially during emergencies.
Willingness to act in the principal’s best interests.
Compatibility with the principal’s values and preferences.

V. The Newly Changed Power of Attorney Form in New York

New York introduced a revised power of attorney form in 2021. This form includes significant changes related to gifting authority, making it more important than ever to consult with an attorney before creating a power of attorney. The changes impose limitations on the attorney-in-fact’s ability to make gifts on behalf of the principal, which can have estate planning and tax implications.

VI. Customization and Legal Evaluation

Every individual’s situation is unique, and a power of attorney should be customized to fit specific circumstances. Consulting with an attorney like Schwartsman Law Group is crucial to understanding the legal implications and tailoring the document to the principal’s needs and objectives. This ensures that the power of attorney accurately reflects the principal’s wishes and safeguards their interests.

We will work with you to prepare a power of attorney that will be a potent legal instrument providing peace of mind and protection for individuals facing various life circumstances, including international travel, illness, or incapacitation.

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Client Testimonials

Read amazing things past clients have said about the team at Schwartsman Law Group

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   Evan Marmer 
 1 September 2023
 
 
  Marianna and her associates are extremely knowledgeable in handling and setting up special needs trusts for people who receive SSI or Medicaid or both.
  
 
       
   chris Sklavounakis 
 23 August 2023
 
 
  Marianna is very knowledgeable on estate matters.  She was great at understanding my personal needs and tailored the trust to reflect them. She also took the time to explain various trust provisions. I would highly recommend her for all estate needs.
  
 
       
   Millie Yee 
 21 August 2023
 
 
  Marianna helped my mother set up a trust. She and her team are professional, courteous and truly caring. She knows her stuff and you are in great hands! Would definitely recommend her services!
  
 
       
   Michael A. Vaynshteyn 
 19 August 2023
 
 
  I had the pleasure of working with Marianna at Schwartsman Law Group, and I can't express enough how incredibly impressed I am with her dedication, expertise, and overall commitment to providing exceptional legal services. From the very beginning of my case, Marianna demonstrated an unparalleled level of professionalism and genuine care.

Marianna's knowledge of the law is truly remarkable. She possesses a deep understanding of intricate legal matters, and her ability to explain complex concepts in a clear and concise manner was instrumental in helping me grasp the details of my case. Her attention to detail and thorough research were evident in every aspect of her work, ensuring that nothing was overlooked.

Thank you, Marianna, and thank you, Schwartsman Law Group, for providing a truly outstanding legal experience!
  
 
       
   Jackie Mays 
 18 August 2023
 
 
  Marianna is not only an EXCELLENT lawyer but truly cares about her clients. She handled by uncles' estate and not only was she professional but a truly caring person. Everything was handled perfectly! I would highly recommend her, if you need a GREAT attorney, she is it!! Thank you!
  
 
       
   Olga Averin 
 18 August 2023
 
 
  I have worked professionally with Marianna for over 10 years.  I admire her professionalism, attention to details, responsiveness and courtesy.  Marianna is one of the best trust & estate lawyers I worked with.  I highly recommend her for anyone who needs assistance in the trust and estate area.
  
 
       
   Gregory P. 
 18 August 2023
 
 
  My previous attorney worked diligently on my case for over a year. We reached a point where I needed a stronger, more knowledgeable attorney to represent me.
Suffice to say, Marianna Schwartzman was recommended to me by my first attorney, and I knew it was a good fit from the moment we met.
In a very short time since Marianna took over my case, very important legal matters are being addressed.
My goal is to achieve resolution of my case, and with Marianna being at the helm, it gives me confidence that my case will reach a positive result.
In conclusion, if you're looking for a highly knowledgeable, no nonsense attorney to fight for your case, you will not be disappointed in hiring Marianna Schwartzman Law Group.
Sincerely yours.
G.
  
 
       
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 17 August 2023
 
 
  Marianna Schwartsman, is the person you want on your corner, she is the best!  She is professional, knowledgeable, passionate and caring; 5 starts are not enough to rate her. I highly recommend her.
  
 
       
   Selena Bee 
 9 June 2023
 
 
  Marianna is an excellent choice for your trust and estate needs. She helped me through the probate process when my husband passed away. I'm so grateful to have had her representation during this time. Marianna absolutely knows her stuff and is a true professional. I have no reservations recommending Marianna Schwartsman for your trust and estate needs.