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Power Of Attorney

What Is Undue Influence And Why Does It Matter?

As set forth in the New York Estates, Powers, and Trusts Law (EPTL), an interested party may object to a Last Will and Testament being offered for probate on the basis of undue influence exerted upon the Testator (the person who signed the Will). If it is determined that an interested party or family member Read on…

Do You Need To Update Your Power of Attorney?

As with any documents concerning your estate or incapacity, it is often quite prudent to review these papers at regular time intervals, especially when there is a change in life circumstances (i.e. marriage, birth, death, relocation). The Durable Power of Attorney (POA) in New York is no exception. As previously stated in prior blogs, the 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…

How Does An IRA Fit Into My Estate Planning?

Most IRAs, whether traditional or Roth IRAs, play a key role in estate planning. As long as an IRA has a named beneficiary, when the account holder passes away, the beneficiary will receive the proceeds of the IRA by operation of law. All that would need to be provided to the financial institution where the Read on…

If I Don’t Have An Estate, Do I Really Need An Estate Plan?

The question often arises as to whether an estate plan is necessary if you don’t believe you have an estate. The fact is that most people, whether they realize it or not, actually do have an estate. Real property aside, you may have checking accounts, savings accounts, IRA, pensions, or other financial accounts that may 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…

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…