![]() ![]() Retirement benefit transactions ( GOB § 5-1502L).Health care billing and payment matters ( GOB § 5-1502K).Benefits from governmental programs or civil or military service ( GOB § 5-1502J).Personal and family maintenance ( GOB § 5-1502I).Claims and litigation ( GOB § 5-1502H).Insurance transactions ( GOB § 5-1502F).Business operating transactions ( GOB § 5-1502E).Bond, share and commodity transactions ( GOB § 5-1502C).Chattel and goods transactions ( GOB § 5-1502B).Real estate transactions ( GOB § 5-1502A).Signing Requirements ( GOB § 5-1501B) – Signatures of principal and agent must be acknowledged in the manner prescribed for the acknowledgment of a conveyance of real property i.e., a justice of the supreme court, an official examiner of title, an official referee, or a notary public.This document can be amended or revoked at any time by the principal. The agent’s power is limited to finances, and they cannot make health care decisions for the principal. A Durable POA contains instructions on how the principal would like the agent to handle certain assets, accounts, investments, and other financial matters. A financial agent wields a great deal of power therefore, the principal should appoint a trustworthy individual.ĭurable (Financial) Power of Attorney – A legal document that appoints a financial agent to the principal’s estate. Appointing a financial agent is an important step because it means the principal’s estate will be looked after even if they become mentally or physically incapacitated. Unlike a health care agent, a financial agent gains power as soon as the POA document is signed. Step 2 – Durable (Financial) Power of AttorneyĪ financial agent, or simply “agent” as per the Power of Attorney document mentioned below, is authorized to make financial decisions on behalf of the principal who executed the POA. Signing Requirements ( PBH § 2981) – The principal and two (2) witnesses. ![]() A Health Care Proxy can include limitations regarding the agent’s authority, otherwise the agent will have carte blanche in regard to the types of medical treatment the principal will receive. A health care agent is also appointed through execution of this document and they are in charge of communicating the principal’s health care wishes to medical professionals and health care providers. Health Care Proxy – A Health Care Proxy, or Medical POA, contains instructions regarding the type of medical treatment and health care a principal will receive in the event of incapacitation. The principal should appoint an individual who is close to them, who knows their values, and, more importantly, who will take these values into consideration when making any health care choices for the principal. A health care agent will gain power only if the principal becomes incapacitated that is, should they at any point be incapable of making important medical decisions for themselves. The execution of a Health Care Proxy involves the appointment of a health care agent, a person who will make medical decisions on behalf of a principal (individual executing the document). Every person, estate, and situation is unique therefore, we highly suggest that everyone retain legal counsel before executing these estate planning documents. The following steps provide instructions on how to carry out each estate planning task. This checklist covers important topics such as the selected of a health care and financial agent (through execution of a Health Care Proxy and Durable Power of Attorney), and the drafting of a Last Will and Testament or a Revocable Living Trust. There are many tasks to be accomplished and documents to be executed to ensure a person’s estate is taken care of after they die or if they are unable to make decisions for themselves. A New York estate planning checklist is a step-by-step guideline to the estate planning process. ![]()
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