Powers of Attorney

Durable Power of Attorney

A Durable Power of Attorney is a document whereby you appoint an agent to make financial and/or other important decisions for you. It is ‘durable’ because the Power of Attorney remains effective even if you become disabled or incompetent. Speak with Alan Ross Esq. to discuss whether such a document is important for you or anyone in your family.

Many people execute a durable Power of Attorney if they travel frequently or if they become sick or disabled, or if they know they are going to have surgery or otherwise become hospitalized. However, in order for the Power of Attorney to be valid, it must be executed when a person is competent. New York State recently amended the laws regarding powers of attorney and estate planning. Alan Ross, Esq. is experienced and familiar with the new laws regarding Powers of Attorney.

A very common example where a Power of Attorney is used is for the sale or purchase of a home or other real estate. Often times, one person is unable to attend a closing for a home and gives to their spouse or someone else, a Power of Attorney to close the transaction. Most often, a Power of Attorney for this purpose is ‘limited,’ and, therefore, once the transaction is completed, the Power of Attorney becomes null and void.

For example, if a limited Power of Attorney were given to a spouse or child to sell a house, that Power of Attorney would not be valid to purchase another house in the principal’s name.

It is very important to have a Power of Attorney ‘durable.’ A person may be in good health and very competent when they execute a Power of Attorney. However, if in the future, such person becomes disabled or incompetent, the Power of Attorney would become null and void unless the Power of Attorney provides that it remain valid notwithstanding the incompetency or disability of the person executing the Power of Attorney.