It is usually unnecessary to record the power of attorney. Only if a deed or other document is being recorded with the agent’s signatures. By filing a durable power of attorney with the County Clerk’s office for a small fee, you will be safeguarding against the loss of the document and you will ensure that […]
Only one original needs to be signed to make a legally binding durable power of attorney. Many banks and financial institutions require a certified copy before they will do business with your agent on your behalf. You can obtain certified copies of your power of attorney by filing (recording) it with the County Clerk and […]
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 […]
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 […]
“Durable” power of attorney that remains valid until you die or revoke the document. However, you should periodically meet with your lawyer to revisit a power of attorney and consider whether your choice of agent still meets your needs and learn whether developments in state law affect your power of attorney. If you or a […]
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 […]
Gifts are an important tool for many estate plans. Your agent can make gifts on your behalf, subject to guidelines that you set forth in your power of attorney. For example, you may wish to permit your agent to make “annual federal gift tax exclusion” gifts (currently up to $13,000 in value per recipient per […]
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 […]
You may wish to choose a family member to act on your behalf. Many people name their spouses or one or more children. In naming more than one person to act as agent at the same time, be alert to the possibility that all may not be available to act when needed, or they may […]