A New York general power of attorney form enables a principal to name a representative (“agent” or “attorney-in-fact”) for the management of their financial affairs. A general power of attorney is not durable, so this arrangement terminates if the principal becomes unable to make competent decisions for themselves, or incapable of revoking an agreement. It is best if the attorney-in-fact is close (both geographically and personally) so they can be trusted to act with the principal’s best interests in mind. However, the principal will benefit from choosing an agent skilled in business and money management because they will be performing important and at times complex tasks. For those seeking representation even after they are incapacitated, a durable power of attorney is the best option.
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