A power of attorney is a legal document that gives the person who you select the authority to act on your behalf. The person who is selected becomes the agent, and the person on whose behalf they are acting is called the principal. A person should have a power of attorney because it allows the agent to handle a financial transaction if the principal is unable to be present to take care of the transaction themselves. Your agent must comply with the written instructions you provided, and if there are none then your agent must act in your best interest.
A power of attorney is a legal document that must be carefully prepared. Some of the information required to prepare a power of attorney is the name and the address of the principal and the agent. You can also specify a second agent, or have successor agents. Hence, if the person whom you selected is unable to act as your agent, then another person is specified. Once the document is prepared, it must be signed in front of a notary and witnessed by two people. The name and address of each witness must be stated on the form. At this time, due to the COVID-19 pandemic, the governor of New York has signed an order that allows for virtual notarization to take place, or “e-notary.”
A power of attorney can be revoked or terminated at any time by the principal, provided the principal is of sound mind. If the agent acts improperly, then the court might remove the agent. A power of attorney does not allow one to make decisions relating to medical care only in financial transactions as specified. An agent can be granted authority in certain transactions, for example, real estate transactions, banking transactions, business operating transactions, insurance transactions, estate transactions, claims and litigation, retirement benefit transactions, etc. Some ways in which a power of attorney is no longer effective is if the principal revokes it, or terminated by the principal’s death.
If you have any further questions regarding a power of attorney, then you can contact Jayson Lutzky. Jayson Lutzky gives free consultations and can be reached at 718-329-9500. He has been practicing law for over 36 years in the Bronx, and he can help you with your legal matter. Due to COVID-19, he is available by telephone or by Zoom Monday to Friday from 9am to 4pm. Regular business hours are Monday to Friday from 9am to 5pm, with the last appointment at 4pm, and Saturday, from 10am to 2pm, with the last appointment at 1pm.