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A Springing Power of Attorney in New York This person, termed your agent or attorney-in-fact, is entitled to make certain decisions and authorize transactions. If you ever become incapacitated, a springing POA could let your agent: Pay your rent or mortgage. Keep current on your cellphone bill and other utilities.
By far, the most common power of attorney in New York law is a durable power of attorney. This means the power of attorney is effective the day you sign it, but that power continues even if you become incapacitated.
Choosing between durable and general depends on what you need for the future. We suggest talking to an estate planning lawyer to see which one is right for you. In short, durable powers of attorney give better protection if someone cant make decisions and keep decision-making going.
One major downfall of a POA is the agent may act in ways or do things that the principal had not intended. There is no direct oversight of the agents activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.
Durable POAs are particularly useful for individuals planning for future incapacity, providing peace of mind that their affairs will be managed ing to their wishes without the need for court intervention.

People also ask

Whereas a springing power of attorney is limited to incapacity, a durable power of attorney allows a medical agent to act on your behalf even after incapacity.
A Durable Power of Attorney (DPOA) in New York is a legal document granting one person, known as the principal, the ability to authorize another individual, referred to as the agent or attorney-in-fact, to manage their financial and legal affairs.

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