Does power of attorney need to be notarized in NY?

Answer 1

The format is pretty straight forward. It requires a notary and witnesses, but not an attorney. However, if someone else is urging you to create one, it would be a good idea to consult an attorney to insure you are not creating a large risk to yourself.

Caveat

Unless you are absolutely sure about what you're doing and fully informed about the consequences, you should consult an attorney. A POA grants sweeping powers to your attorney-in-fact. They will have complete access to your assets and will need to be capable of keeping good records. They should keep an account of all the money coming in and all the money going out by their hand. They must be trustworthy, organized, intelligent, reliable and act in a professional manner where your finances and property are concerned.

A medical power of attorney will enable your agent to make medical decisions on your behalf if you should become unable to make those decisions for yourself.

Answer 2

If you are creating one for someone else you do have to be a licensed attorney. If you can't afford an attorney, you may find that your state has made available a statutory power of attorney form that you can purchase at a business that sells legal forms or possibly on your state government website for no charge. You can also find power of attorney form handbooks at your local bookstore or library that contain various types of poa forms authored by licensed attorneys.

Answer 3

Yes. A Power of Attorney must be notarized. In fact, the laws have been updated in New York and both the principal and the agent must sign. A POA grants sweeping power over all the principal's assets. The principal should always consult with an attorney who can draft a POA that meets the needs of the principal and who can explain the consequences of executing a POA.

The laws that govern Powers of Attorney are changing to reflect an increase in the financial exploitation of elders. A good example is New York where changes were made in 2009.

Those changes include:

• A requirement that the agent also sign the POA document.
• Limiting the power to change beneficiaries and make amendments to trusts.
• Requiring the agent to maintain a record of all receipts, disbursements, and transactions entered into by the agent on behalf of the principal.
• Requiring the agent to make records available within a certain time period when requested by a co-agent, certain governmental entities, a court evaluator, a guardian, or a representative of the principal's estate.
• Special court proceedings to compel an agent to produce the record of receipts and disbursements and for various other purposes.
• A mechanism for forcing the agent to provide an accounting of the principal's assets and income.

Answer 4

Unless you are absolutely sure about what you're doing and fully informed about the consequences, you should consult an attorney. A POA grants sweeping powers to your attorney-in-fact. They will have complete access to your assets with no oversight and will need to be honest and diligent about keeping good records.

You need to decide whether the POA will be general, which will expire if you become incapacitated, or durable, which will remain in effect if you become incapacitated. Your attorney-in-fact should keep a record of all the money coming in and all the money going out by their hand. They must be trustworthy, organized, intelligent, reliable and act in a professional manner where your finances and property are concerned. An attorney-in-fact who mismanages the assets of an elderly person can cause a disqualification for benefits. Most important, if you should become unable to make your own decisions they must be someone who will act in your best interest.

Answer 5

No, an attorney is not required. You can file your own power of attorney.

Answer 6

You will have to research the Uniform Power of Attorney Act.

Answer 7

A power of attorney is not subject to a statute of limitations. It expires as indicated on the document, when the grantor rescinds it or when the grantor dies.