New York has recently updated the laws regarding the granting of Power of Attorney to someone.  Under the new laws, the person who is being appointed Power of Attorney must be informed of their duties and responsibility and also must sign the Power of Attorney form.  Previously, someone could be appointed a Power of Attorney for someone else without any knowledge that they were being given this responsibility.

Along with drafting New York Wills, most attorneys in New York will recommend drafting Powers of Attorney for their clients.  These are useful to have and can help someone manage their estate if they become incompetent for whatever reason.  In order to function in this capacity, though, a Power of Attorney must be durable.  Ask your lawyer about drafting a Durable Power of Attorney, which is permitted under New York law.  It is important to understand the different types of Powers of Attorney, what they mean, and how they function.

In addition to a will, New York residents should consider having a Power of Attorney as well.

Feel free to contact Eric by e-mail at Eric@nyhomelaw.com

Attorney advertising.  This post is not legal advice.  For legal advice, consult your attorney.

Filed under: Estate Planning

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