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Table of Contents

1. What is a Power of Attorney?
2. Requirements for Power of Attorney in NY
3. The Downside of Being a Power of Attorney
4. Notarization of Power of Attorney in NY State
5. Duration of a Power of Attorney in NY

What is a Power of Attorney?

A Power of Attorney is a legal document that allows an individual, known as the principal, to grant another person, known as the agent or attorney-in-fact, the authority to act on their behalf in financial and legal matters. This authority can be broad or limited, depending on the wishes of the principal.

Requirements for Power of Attorney in NY

In New York, there are specific requirements that must be met for a Power of Attorney to be valid:

• The principal must be at least 18 years old and of sound mind.
• The Power of Attorney document must be in writing.
• The document must be signed by the principal in the presence of a notary public.
• The agent must also sign the document, acknowledging their responsibilities and duties.
• The Power of Attorney must be witnessed by two individuals who are not named as agents in the document.

The Downside of Being a Power of Attorney

While being appointed as a Power of Attorney can be an honor and a sign of trust, there are also potential downsides to consider:

• Responsibility: As a Power of Attorney, you have a legal duty to act in the best interests of the principal. This can be a significant responsibility and may require making difficult decisions on their behalf.
• Liability: If you act outside of your authority or in a way that causes harm to the principal, you may be held personally liable for any damages or losses.
• Time Commitment: Acting as a Power of Attorney can be time-consuming, especially if the principal requires ongoing assistance with financial or legal matters.
• Conflict: In some cases, being a Power of Attorney can lead to conflicts with other family members or individuals who may disagree with the decisions you make on behalf of the principal.

Notarization of Power of Attorney in NY State

In New York State, a Power of Attorney must be notarized in order to be valid. This means that the principal must sign the document in the presence of a notary public, who will then affix their seal or stamp to the document. The notary public will also sign the document and include their commission expiration date.

Duration of a Power of Attorney in NY

A Power of Attorney in New York is generally effective until revoked by the principal or until their death. However, it is possible to include a specific expiration date or event in the document that would terminate the agent’s authority. It is important to note that a Power of Attorney can also be revoked at any time by the principal, as long as they are of sound mind and capable of making decisions.