Regardless of age, New York residents may choose a guardian to assist with managing their property and finances. The New York State Senate’s website notes that you may create powers of guardianship. If you become incapacitated, your relatives may also ask the court to appoint one for you.
If you anticipate facing circumstances that might prevent you from effectively managing your financial affairs, you may name someone you trust as your guardian. You may also provide your guardian with instructions on how to manage your daily activities should you need one to do so.
Which tasks could a guardian perform on my behalf?
You may include instructions outlining your preferences regarding bill payments and covering personal needs. You could also describe your financial assets and how your guardian may invest them.
If you own real estate, your instructions may specify ways your guardian may manage your property so that you could benefit from its income. A guardianship includes the power to enter into contracts, which may result in buying or selling assets for you.
When may a guardian access my financial accounts?
Financial matters often require making quick decisions. Your guardian may need to access your checking or investment accounts through the internet. As described by the AARP, you may establish powers of attorney so that a guardian could manage your accounts online. You may need an experienced individual who could oversee your accounts and recognize possible scams.
New Yorkers may determine if they need a guardian to manage their financial or personal affairs. Naming a trusted guardian in advance may also remove the possibility of the court appointing one for you if an injury or illness leaves you incapacitated.