Power of Attorney

A power of attorney is a legal document that allows you to appoint someone to act on your behalf in financial and legal matters. You may need a power of attorney if you are unable to manage your own affairs due to illness, injury, disability, or absence. A power of attorney can give you peace of mind and ensure that your wishes are followed.

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It is not uncommon for people to give their spouses power of attorney when developing an estate plan in the event of their death or incapacity. A power of attorney is a very powerful document that gives the agent the ability to gift your assets and to sign your name on documents. However, if you should get divorced, you obviously do not want your spouse to still have this power. The question then becomes whether the divorce itself will automatically revoke a power of attorney, or if there are extra legal steps you need to take to do this yourself.

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Many people believe having a power of attorney is only essential surrounding life-changing events; however, this is not the case. You do not need to be in poor health or above a certain age to reap the benefits of a properly executed power of attorney. At any age, there are commonplace events that may occur during which having a durable power of attorney can save you from what could have been a stressful situation.

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A New York State Senate Bill affecting Power of Attorney legislation passed in December 2020 and became effective in June 2021. So what do these recent changes to the Power of Attorney form mean to you?

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