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DURABLE GENERAL POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME NEW YORK STATUTORY SHORT FORM (New York State Consolidated Laws, General Obligations, S 51506) THE POWERS YOU GRANT BELOW CONTINUE TO BE

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FAQ

What is a short form power of attorney?

A power of attorney (POA) or letter of attorney is a written authorization to represent or act on another's behalf in private affairs, business, or some other legal matter. The person authorizing the other to act is the principal, grantor, or donor (of the power).

What does a power of attorney mean?

Power of Attorney broadly refers to one's authority to act and make decisions on behalf of another person in all or specified financial or legal matters. It also refers to the specific form or document that allows one to appoint a person to manage his or her affairs.

What Does power of attorney allow you to do?

About the Power of Attorney. ... A Power of Attorney might be used to allow another person to sign a contract for the Principal. It can be used to give another person the authority to make health care decisions, do financial transactions, or sign legal documents that the Principal cannot do for one reason or another.

Can a power of attorney take your money?

When you give someone a power of attorney to accomplish tasks on your behalf, you make that person your agent, and his actions have the same legal authority as if you had taken those same actions. For example, if you give your agent authority to access your bank accounts, he can take money from the account.

What rights do power of attorney have?

A Power of Attorney can be used to give another person the right to sell a car, home, or other property in the place of the Principal. A Power of Attorney might be used to allow another person to sign a contract for the Principal.

What are the rights of a power of attorney?

Who can override a power of attorney?

Since the person granting the power of attorney, known as the principal, has the authority to revoke it at any time, as long as he is mentally competent and able to communicate, a power of attorney is often challenged by a third party when the principal is not competent and cannot revoke it.

What does it mean to have power of attorney?

When you complete the legal documents called “power of attorney,” you give another person authority to handle your personal business and make decisions on your behalf. A person creates the power of attorney for use when he is incapacitated or otherwise unable to handle his own affairs.

What is a statutory POA?

A statutory durable power of attorney is a legal agreement, giving someone the power to act on behalf of someone else, except for healthcare decisions. If the principle is already mentally incompetent, a power of attorney cannot be established, as the principle must be able to act on his or her own behalf.

Is statutory power of attorney the same as durable power of attorney?

Using a statutory durable power of attorney is no different than using any other kind of POA. The terms "statutory" and "durable" refer to its contents. A statutory POA is a basic form, available from legal supply stores and on the Internet. It conforms to your state's laws without enumerating the laws in detail.

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