Financial Power of Attorney 

Serving NY & NC

A financial power of attorney is a legal document that allows you to name someone you trust to manage your financial affairs if you become incapacitated or otherwise unable to do so yourself. This document is sometimes referred to as durable power of attorney, financial durable power of attorney, or financial power of attorney. A financial power of attorney is different from a living will in that it specifically deals with financial matters, such as paying bills, investing, and selling property.

Benefits of a Financial Power of Attorney

A financial power of attorney can be used to give your trusted person the power to make financial decisions on your behalf in a wide range of situations. These include when you become physically or mentally incapacitated when you are incarcerated, or when you are out of the country for an extended period of time. A financial power of attorney can also be used to grant authority during a brief absence from your normal day-to-day life, such as a vacation or business trip.

With a financial power of attorney in place, you can rest assured knowing that your financial affairs will be taken care of in the event of an emergency, absence, or illness. You can also be confident that your wishes will be carried out as you intended, even if you are unable to communicate them yourself.

For more information about financial powers of attorney in NY & NC, or to set up this important legal document, please contact Gerard Parisi at (914) 228-7448 or contact us online.

Who Can Be Appointed as Your Financial Power of Attorney?

There are a number of people you may wish to appoint as your financial power of attorney. These include:

• Your spouse
• Your adult child
• An adult sibling
• A trusted friend
• Your attorney
• Your accountant
• Your financial advisor

When choosing the person you wish to appoint as your financial power of attorney, it's important to consider the following:

• Does this person have the time and ability to handle the responsibilities of a financial power of attorney?
• Does this person have the financial knowledge and expertise to make sound financial decisions on your behalf?
• Is this person trustworthy and reliable?
• Does this person have a good working relationship with the people you trust to manage your estate planning?

It's also important to consider that a financial power of attorney can be revoked at any time. You can revoke your financial power of attorney by destroying the original document and writing a new one. A financial power of attorney can also be revoked by destroying the original document and writing a new one, or by signing a statement that the power of attorney is revoked. This statement should be witnessed and notarized. If you revoke a financial power of attorney, you should also notify the person you've appointed as your financial power of attorney that the power of attorney has been revoked.

Financial Power of Attorney in an Emergency

When you set up your financial power of attorney, it's important to specify the types of situations in which your financial power of attorney can be used. For example, you may wish to specify that your financial power of attorney can only be used in the event that you become incapacitated, or that your financial power of attorney can be used in the event of your incapacitation, a brief absence from normal day-to-day life, or a vacation or business trip.

It's also important to decide whether your financial power of attorney should be used in the event that you become mentally incapacitated. If you become mentally incapacitated, you may not be able to make informed decisions about your finances. However, some people may prefer that their financial power of attorney be used only in the event that they become physically incapacitated, as they may feel that they can still make informed decisions about their finances if they become mentally incapacitated.

If you become incapacitated and you have not specified the situations in which your financial power of attorney should be used, it may be unclear whether your financial power of attorney should be used. In this situation, you may wish to specify that your financial power of attorney should be used in the event of your prolonged absence from normal day-to-day life. For example, if you are on a business trip or vacation for an extended period of time, it may be unclear whether you are physically or mentally incapacitated. In this situation, you may wish to specify that your financial power of attorney should be used in the event of your prolonged absence from normal day-to-day life.

Financial Power of Attorney for a Brief Absence

If you're going to be away from your normal day-to-day life for a brief period of time, such as on vacation or on a business trip, you may wish to specify that your financial power of attorney should only be used in the event that you are absent for a brief period of time, such as a vacation or business trip. 

Contact Our NY & NC Financial POA Lawyers

Take control of your financial future! Our skilled financial power of attorney lawyers at Gerard Parisi are here to protect your assets and make sound financial decisions on your behalf. Whether planning for the unexpected or ensuring seamless management of your affairs, our team will guide you through the legal process with expertise and compassion. Safeguard your financial interests and gain peace of mind. Schedule a confidential consultation and let us be your trusted advocates in securing your financial well-being.

Call 914-228-7448 or contact us online to schedule your consultation with our experienced financial POA attorneys in North Carolina & New York today!