Power of Attorney
In New York, a Power of Attorney (P.O.A) document is a legal instrument that grants someone else, known as the “agent” or “attorney-in-fact,” the authority to act on behalf of another person, known as the “principal.” The principal gives the agent the power to make decisions and take actions on their behalf, as specified in the power of attorney document. A power of attorney can be used for various purposes, such as managing financial affairs, making healthcare decisions, handling real estate transactions, or conducting business on behalf of the principal.
The powers granted to the agent can be broad or limited, depending on the specific provisions outlined in the document. In New York, the power of attorney is governed by the New York General Obligations Law, specifically Article 5, Title 15. The law provides a statutory form that can be used for creating a power of attorney, but individuals also have the option to create their own customized document.
It is important to note that a power of attorney document in New York must be signed and notarized in the presence of a notary public. Additionally, if the power of attorney grants the agent the authority to handle real estate transactions, it must be recorded with the county clerk’s office where the property is located. A power of attorney can be a valuable tool for individuals who want to ensure that their affairs are managed by someone they trust in the event they become incapacitated or unable to make decisions on their own. It is recommended to consult with an attorney to understand the legal requirements and implications of creating a power of attorney in New York.
