Powers of Attorney in New York

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POWERS OF ATTORNEY IN NEW YORK

• FAQs, Answers, And Choices

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POA
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What is a power of attorney?
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Also known as a POA, a power of attorney is a
legal document
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Through your POA you give another person or
organization the legal authority to make
decisions for you
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Principals
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What is a principal?
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A principal is simply a person who creates a
power of attorney
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You have to be at least 18 years old to become a
principal, and be of sound mind
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Capacity
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What does it mean to be of sound mind?
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Most people are of sound mind
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If you understand what you own, understand who
would stand to inherit it if you died, and can
make your own choices, you are of sound mind
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Agents
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Who gets to make my decisions for me?
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The person, or organization, you select as your
representative in a POA is called an agent or an
attorney-in-fact
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You can select anyone you like, as long as that
person is a willing and capable adult
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Abilities
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What can my agent do?
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Almost anything, the power of attorney document
will state exactly what decisions you want your
agent to make for you
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A general power grants your agent the broadest
possible power, while a limited power, on the
other hand, limits the types of decisions the
agent can make
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Varieties
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Whats the difference between a health care and
financial power of attorney?
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Health care and financial powers are the two most
commonly used types
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As their names imply, health care powers, also
called health care proxies, give your agent
health care decision making rights, while
financial powers grant financial decision-making
authority
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Other Issues
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What type of power should I create?
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That depends on your circumstances
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Powers of attorney are very flexible, and you
need to craft documents that fit your needs
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