Power of Attorney
Everything You Need to Know About a Power of Attorney, Why It is Important to Know, and How It Can Help You in the State of New York
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Questions And Answers
A power of attorney is an estate planning tool whereby one person authorizes another person to act on their behalf in a variety of ways. A power of attorney is the document that is signed that makes it possible.
If you want someone else to make certain legal decisions for you, you will need to use a power of attorney to appoint them.
The agent is also known as the attorney-in-fact and is the person authorized to make decisions on behalf of someone else as granted through a power of attorney.
The principle is the person who appoints the agent and who is being represented by the aforesaid agent.
Yes, in New York there three types of power of attorney. They are “nondurable,” “durable,” and “springing.” Each of these can be used in different situations. It is best to consult an attorney to make the best decision for your circumstance.
A nondurable power of attorney in New York is a power of attorney that is used, generally, for a single transaction. This can include, for example, the closing of a real estate sale. Moreover, a nondurable power of attorney can act while the person they are representing is away or out of the country.
A durable power of attorney in New York is used when the person in question needs someone to represent them in the future. Moreover, the power of attorney will specifically keep active even if the principle becomes incapacitated.
A springing power of attorney is one that does not begin immediately. Instead, it will begin at some point in the future when certain conditions arise to warrant its beginning.
Yes, an agent can take care of financial decisions on behalf of the principle. These financial decisions can include making payments on the principle’s behalf or closing financial accounts for them, too.
Yes, an agent may also take care of legal decisions on behalf of the principle. Legal decisions can have a wide range. For example, the agent may open lawsuits, consult with the principle’s lawyer, submit legal documents, and more. They are acting on behalf of the principle, so they have a wide range of what they can do.
A power of attorney is important to have in New York because sometimes you cannot make certain decisions on your own for a variety of reasons. For example, you may be older and are making plans for your retirement and cannot handle the time and stress anymore. Additionally, you also be planning for an illness and wish to be represented in case you become incapacitated. Moreover, if you are going to be away from your home for an extended period of time, it may be best to have a power of attorney to take care of anything that may arise while you are away.
A power of attorney has many uses and allows an agent to make many decisions on the principle’s behalf. This can include managing real estate decisions, investing the money of the principle, taking care of bank accounts and transactions, and attending to taxes.
In New York, an agent may not take care of medical decisions for the principle. New York requires a health care proxy to handle these types of decisions.
The principle may choose anyone to be their agent, however, it should be someone they trust. This can be a friend of the principle or a family member. Moreover, they may decide they want to use a trusted professional to act on their behalf. Regardless of who they choose, they need to be someone they trust wholeheartedly to make sure no issues arise.
You may use a lawyer to help prepare the documents for a power of attorney. However, it is not necessary.
In New York, it is possible for the principle to appoint multiple agents. These agents may work together or separately concerning the principle. However, having multiple agents can create confusion, especially if the agents are working independently from each other.
Yes, the principle can still make their own decisions even when they have authorized someone else to act on their behalf. The person they have appointed as their agent is not “in charge,” and can be released at any time.
Yes, an agent can abuse a power of attorney. For example, they can steal the money of the principle for their own gain. Therefore, getting someone trusted is important.
No, it is up to the principle to monitor how their agent is acting on their behalf.
Yes, the principle can revoke a power of attorney at any time. It must be in writing. Furthermore, it should be done when the principle either does not need a power of attorney anymore or they suspect that their agent is abusing their power.