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…

WHAT LEGAL RESPONSIBILITIES DO NY POWER OF ATTORNEY AGENTS HAVE?

The person named in a power of attorney to act on your behalf is commonly referred to as your “agent” or “attorney-in-fact.” With a valid power of attorney, your agent can take any action permitted in the document. When an agent accepts the authority granted under a Power of Attorney, a special legal relationship is…

New York Power of Attorney Law Revised

New York Power of Attorney Law Revised A new technical amendments law, effective September 12, 2010, corrects unintended problems created by New York’s Power of Attorney (POA) law that went into effect on September 1, 2009. The major changes are: Retroactive application of the technical changes to September 1, 2009. Execution of a new power…