Powers of Attorney and Guardianship in New York - PowerPoint PPT Presentation

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Powers of Attorney and Guardianship in New York

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A look at special needs trusts in New York and why it is considered an essential part of a comprehensive estate plan. – PowerPoint PPT presentation

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Title: Powers of Attorney and Guardianship in New York


1
Power of Attorney and Guardianship
Differentiating the Two
2
We tend to put off those things that we dont
understand, but a quick look at the differences
in powers of attorney and guardianship can go a
long way in your estate planning efforts
3
A GUARDIANSHIP is an order signed by a judge
that allows an otherwise incapacitated person the
benefit of someone else to help make those
important decisions
4
Its often used with minor children and with
elderly clients
5
There are typically two kinds of POWERS OF
ATTORNEY
6
There are typically two kinds of POWERS OF
ATTORNEY
7
A financial power of attorney is a document that
allows someone to make financial decisions on
behalf of one who is incapacitated
8
A medical power of attorney and it is a document
that allows someone to make medical decisions on
behalf of one who is incapacitated
9
A durable power of attorney may be classified as
either limited or general
10
With a limited power of attorney, financial or
medical, you can limit the power given to your
named agent
11
A general power of attorney allows someone to
basically mirror your own rights
12
This person can make the same decisions for you
at any time
13
Finding the right person, or agent, is crucial
14
It must be someone you trust
15
POWERS OF ATTORNEY are typically cost efficient,
especially when compared to the costs
associated with a guardianship
16
They dont require any type of courtroom
appearance
17
You simply memorialize in a legal document and
name who you wish to make your decisions
18
You can revoke most powers of attorney, provided
you have the capacity to do so, at any time
19
IN A GUARDIANSHIP, a judge must either choose
the guardian or approve the guardian one has
named
20
In most instances, its the court that determines
when a guardianship no longer serves its
purpose
21
Also, guardianships usually require medical
reports and whomever is chosen as the guardian
must be willing to provide answers to the
courts about his or her charge
22
They must attend all of the hearings, and
usually, they must obtain a bond
23
Its up to the guardian to ensure applicable
inventories are filed and they must provide
accounting and receipts for any expenditures paid
out each month for the ward
24
Working with a trusted estate planning lawyer can
ease the anxiety associated with most legal
proceedings
25
Once youve covered those bases, you can get
back to the business of living your life
26
LEARN MORE ABOUT POWERS OF ATTORNEY AND
GUARDIANSHIP IN NEW YORK
27
Click to visit www.kobricklaw.com
Click to visit www.kobricklaw.com
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