New York power of attorney forms allow a person to appoint someone else to take control of financial affairs, healthcare matters, and other important life decisions. Most documents are used for specific and limited purposes, but there are some which provide a much broader scope of authority. Through a durable power of attorney, the principal (individual executing the document) can establish an arrangement wherein the attorney-in-fact (appointed individual) will maintain control over certain areas of the principal’s personal and business life in the event they become incapacitated. This can be a very valuable planning tool. The most important thing is to appoint someone who can be trusted, preferably a relative or close friend, and someone who is competent and responsible enough to handle the powers vested in them.
Laws – GOB Article 5, Title 15
A New York statutory durable power of attorney form authorizes an attorney-in-fact to manage a person’s financial matters in perpetuity after the document’s execution, even in the event of incapacitation. The appointed attorney-in-fact should be someone close to the principal, a person who is capable but also trustworthy. Once the power of attorney form is signed, the attorney-in-fact will be able to represent the principal when…
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…
A New York medical power of attorney form is created for the purpose of appointing an attorney-in-fact to make important medical decisions should there come a time when the principal is unable to make said decisions for themselves. The appointed agent should be someone who will always keep the principal’s best interests at heart and who shares, or at least understands and respects, the principal’s…
A New York limited power of attorney form is used to elect an attorney-in-fact for the purposes of representing the principal in one or a group of specific financial matters. Often this arrangement will terminate upon completion of the task(s) or upon the termination date contained in the agreement, whichever occurs first. An example of a useful limited power of attorney application would be if…
A New York revocation power of attorney form can be used to cancel an existing power of attorney form. Whether a durable, general, medical, or limited power of attorney is in place, this revocation form will immediately terminate the desired power of attorney, as long as it’s properly executed. The principal needs to send copies of this revocation POA to any and all individuals/entities who…
A New York tax power of attorney form, also known as Form POA-1, allows the principal to appoint someone to handle their tax matters with the New York Department of Taxation and Finance. Most likely, the appointed individual will be a certified accountant, attorney, or some other type of tax professional. If the principal would like to entrust only a few specific tax-related tasks to…
A New York real estate power of attorney form is a contract that legally appoints an agent to act on behalf of the principal in certain real estate decisions. Using this document, the principal may assign the authority to sell, purchase, and manage a property to their agent. Most commonly used for real estate closings, this power of attorney can also be applied when assigning…
A New York minor power of attorney form is a document that parents can use to authorize a third party to temporarily have parental rights over their child. This type of arrangement is usually used during a period of a parent’s absence due to work, military deployment, illness, or education. The designated attorney-in-fact will be able to make decisions regarding the child’s education, healthcare, and…
A New York living will is a written legal document that a medical patient uses to express their choices regarding life-sustaining treatments. A living will becomes effective when the patient is terminal or otherwise permanently unconscious and can’t make their own medical decisions. New York state law doesn’t specifically address living wills, but court cases have upheld them. Laws Statute – No statute Signing Requirements…
