Can I Create A Power Of Attorney Using A Free Tool Online Or Should I Use An Attorney?
The creation of a Power of Attorney document is a critical document that can have far reaching consequences as it can convey very broad powers, and if not used properly, can lead to problems. Having an experienced estate planning attorney assist with the preparation of this important document is crucial. While it may be tempting Read on…
How Many Agents Should You Name On Your Durable Power Of Attorney
Clients often ask me if they should have more than one agent named on the New York Durable Power of Attorney (POA). The high-level answer to this question is “it depends”. Logistically speaking, it is often easier if only one agent is appointed on the POA. This is because financial institutions may require both agents Read on…
Misconceptions About Power of Attorney
In New York, the power of attorney is an important document, to say the least. It has far-reaching consequences which it is why it is crucial to understand the misconceptions about this document. Generally speaking, my powers of attorney (POAs) that are executed in New York are “durable’, which means that they take effect immediately Read on…
When Does A Power Of Attorney Take Effect And How Long Does It Last?
The effective date by which a New York Power of Attorney takes effect will be a direct consequence of the type of document that is executed. A vast majority of clients sign what is known as a Durable Power of Attorney. A durable power of attorney takes effect immediately upon due and proper execution by Read on…
Does The Durable Power Of Attorney Permit Agent To Make Gifts To Themselves?
The default provisions in a Power of Attorney in New York provide that the agent may make gifts to any persons (including agent), charities, or organizations not to exceed the sum of $500.00 for any calendar year. This provision can place limitations on the ability of the agent to engage in proper estate planning on Read on…
What Is The Difference Between A Power Of Attorney (POA) And Executor?
Quite often, clients (or potential clients) do not fully comprehend the role of both the agent appointed under a Power of Attorney and that of an Executor. Or more importantly, when the role of the agent under that power of attorney ceases. Typically, people sign what is known in New York as a Durable Power Read on…
Can you get a power of attorney notarized in New York without the grantor present?
Due to new safeguards instituted by the New York State Legislature after reports of abuse of fiduciary power, all powers of attorney executed as of September, 2010 must be signed by both the principal (individual granting enumerated powers) and the agent (fiduciary receiving powers) in the presence of a Notary Public. Prior to these changes, Read on…
The risks associated with the Power of Attorney document
The Power of Attorney (POA) document in New York State is one of the most powerful and important documents that any individual can sign. Essentially, by signing this document as the principal, you are designating someone (your agent) to act on your behalf with respect to a myriad of different enumerated powers, including but not Read on…
8 New Features Of The New York State Power Of Attorney (10/16)
Speak to your New York estate planning lawyer and you will find out that The Durable General Power of Attorney (known as the “POA”) is a vital tool for families in New York who are caring for an elderly or disabled relative, especially when cognitive impairment and dementia is an issue. The Power of Attorney Read on…