A power of attorney form allows a person to give to another person or legal entity the legal authority to sign his or her name to documents. The person giving the authority to sign his or her name is known as the principal. The person receiving the authority to sign documents is known as the agent or the attorney-in-fact. To sign or, in legal terminology, to execute the power of attorney as a principal, the person must be competent and acting without duress. The power of attorney form must comply with all applicable legal requirements imposed by New York State law both in form and execution.
The power of attorney can be crafted so that it is effective generally until terminated by the principal or for only a limited time. The power may be for a limited purpose or purposes. The power can be prepared so that it becomes effective only if the principal becomes incompetent. The principal can appoint more than one person to be agents or appoint one agent and an alternate agent in the event that the first agent is unable or unwilling to serve as the agent. The principal can also name someone to supervise the agent.
The power of attorney may state that it shall stay in effect in the event that the principal becomes incompetent. The power of attorney may also state that, in the event that a legal guardian must be appointed, the agent shall be appointed the legal guardian of the principal. Upon the death of the principal, the power of attorney terminates. If the principal is competent, he or she can terminate the power of attorney at any time. For more information on how a power of attorney can be terminated click here.
Our legal fee to prepare a power of attorney is $250. We also offer a package that includes a will, a living will, a health care proxy and a power of attorney for a total of $750. You may call us at (718) 625-0800 to schedule a free consultation.