WILL MY NY DURABLE POWER OF ATTORNEY BE ACCEPTED BY THIRD PARTIES SUCH AS BANKS AND INSURANCE COMPANIES?

Yes. It is a violation of law for a bank or other institution not to accept a properly completed durable power of attorney. Banks and other similar institutions must accept a properly executed power of attorney. It is unreasonable for a third party to require their own form or to object because of the lapse…

WHAT POWERS ARE NOT AVAILABLE TO AN AGENT UNDER A NY DURABLE POWER OF ATTORNEY?

A durable power of attorney does not grant your agent (the “attorney-in-fact”) the ability to make health care decisions for you should you become incapacitated. The right to make health care decisions is granted in a separate document known in New York as a “Health Care Proxy.” You may appoint the same person as your…

DO I NEED A NEW POWER OF ATTORNEY IF I MOVE TO ANOTHER STATE?

Generally, a power of attorney that is valid when you sign it will remain valid even if you change your state of residence. While other states should recognize the grant of a power of attorney under a power of attorney properly executed under another state’s law, each state has its own statutory requirements for such…

HOW CAN MY NEW YORK POWER OF ATTORNEY IMPLEMENT ESTATE PLANNING?

In addition to signing checks and managing your day-to-day financial affairs, your agent can implement your estate plan. Although an agent cannot revise your will on your behalf, he or she can create or amend trusts for you during your lifetime, or transfer your assets to trusts you created. Included in the power of attorney…

CAN THE NY POWER OF ATTORNEY AGENT USE THE PRINCIPAL'S ASSETS FOR HIS OR HER OWN BENEFIT?

No, the agent may not use the principal’s assets to benefit himself or anyone else or make gifts to himself or anyone else unless the principal has specifically granted that authority in either a Statutory Gifts Rider attached to a Statutory Short Form Power of Attorney or a Non-Statutory Power of Attorney. If the agent…