New Yorkers who want to be comprehensively prepared for the period of time known as the “twilight years” should definitely consider the execution of durable powers of attorney.
Durable powers of attorney in New York are used rather than standard powers of attorney because the durable designation allows the devices to remain active even if the grantor was to become incapacitated.
Clearly, the prospect of being unable to manage your own life is not a very pleasant one to consider. It is not entirely hard to understand why some people would simply ignore incapacity planning because they don’t want to think about it. They cross their fingers and hope for the best.
When you look at the statistics you can see why this is really an irresponsible way to look at the matter.
It is becoming increasingly likely that you will live into your 80s and beyond. The last United States Census found that the ten-year age grouping that is made up of people who are between 85 and 94 years old grew faster than any other ten-year grouping. It is only logical to expect that lifespans will continue to increase as medical science continues to develop more advanced procedures and technologies.
There are numerous different ways that people become incapacitated during the latter stages of their lives. Sometimes incapacitation is only temporary. At other times it can be permanent, and there can be a continual decline.
The ubiquitous nature of Alzheimer’s disease really gets your attention when you hear some of the statistics. 13% of all senior citizens have contracted the disease. This may not sound like a very large number, but we’re talking about all people who are at least 65 years of age.
The anticipated life expectancy of someone who is 65 is well over the age of 80. Alzheimer’s is present in approximately 45% of Americans who are at least 85 years of age according to the Alzheimer’s Association.
There are those who don’t take incapacity planning seriously because they have always been healthy. They assume that they’ll never become incapacitated because they have enjoyed such good health.
People who are especially healthy are probably going to live longer lives than those who are not. If you are indeed quite healthy, there may be a very good chance that you will live into your mid to late 80s or perhaps beyond. Should this take place you would certainly be a prime candidate for Alzheimer’s disease given the statistics.
A durable power of attorney in New York for financial matters is recommended. You name someone who is good at handling money as your attorney-in-fact. This individual would handle your financial affairs if it was to become necessary.
A similar document is a health care proxy. With this device you empower someone to make your medical decisions.
Mark S. Eghrari, Estate Planning Attorney
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