The laws of New York allow a person to delegate his or her legal authority to make certain decisions by executing a power of attorney. The person who executes the document is called the principal and the person to whom authority is delegated is referred to as the attorney-in-fact or agent. A power of attorney may be created to cover only a limited time period and a specific activity or it may be drafted to cover an indefinite amount of time or a broad area of decision-making.
New York residents who are in their 30s may benefit from will planning in regard to their financial future. Such an estate plan can include the distribution of assets such as personal property, life insurance and annuities. Residents of the state may wish to consider a few key suggestions before moving forward with such a process.
Before deciding who gets what portion of an estate, one should consider any factors that may affect the amount of money or assets available when planning the future of their finances. This includes any debt, final income tax payments and funeral and estate expenses. In many cases, the estate administrator may need to sell some assets to cover these claims against the estate.