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.
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…