What is a durable power of attorney?

A durable power of attorney is a legal document used in estate planning that grants another person the authority to act on your behalf. This document is essential in New York estate planning law, as it allows someone else to manage your affairs in the event that you become incapacitated or are unable to act on your own behalf. A durable power of attorney allows you to name a person (also known as an “attorney-in-fact” or “agent”) to make decisions for you regarding financial matters, such as managing bank accounts, paying bills, and investing. This person can also handle real estate transactions, operate a business on your behalf, and sign legal documents. In New York, the durable power of attorney must be signed by two witnesses and a notary public in order for it to be considered valid. Additionally, the document should also include language that states it will remain in effect even if the person granting authority becomes incapacitated. A durable power of attorney can provide peace of mind, as it ensures that a trusted individual will be able to handle financial matters in the event of incapacitation or death. It is important to consult with a qualified attorney when setting up a durable power of attorney to ensure that it meets the standards and laws set forth by the state of New York.

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What is a durable power of attorney?

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