New York residents who have gone through the estate planning process have most likely had power of attorney set up. This is an important step in estate planning because it ensures that a person has someone who will take care of their medical and financial affairs should they become incapacitated. If a power of attorney has been established, a person may wonder how long this designation lasts.
When a person designates a power of attorney, they can put an expiration date on the assignment. Otherwise, a power of attorney lasts until:
- The principal dies.
- The principal becomes incapacitated and if the power of attorney is not a durable power of attorney.
- The principal revokes the power of attorney
- The agent dies or becomes incapacitated and there is no co-agent listed or no co-agent listed that is willing to serve.
- The purpose of the power of attorney has been accomplished.
- The court revokes the power of attorney.
A legal professional who is skilled in estate planning can help their client with all of their estate planning needs. They can review an estate plan that has already been created and make sure it still meets their needs. They can also create a new estate plan that is specifically tailored for their unique situation. They can offer advice from anything from creating a trust and designating power of attorneys and everything in between. Having an estate plan in place is a gift for a family when they are going through the emotional time of losing their loved one.