This is a worksheet that will assist WE THE PEOPLE in preparing your Finance Power of Attorney Document.
The Power of Attorney for finances and property matters gives legal authority to another person (called an agent or attorney-in-fact) to make property, financial and other legal decisions for the principal.
Your Power of Attorney for finances and property is an important document. As the "principal," you give the person whom you choose (your "agent") authority to spend your money and sell or dispose of your property during your lifetime without telling you.
You do not lose your authority to act even though you have given your agent similar authority. When your agent exercises this authority, he or she must act according to any instructions you have provided or, where there are no specific instructions, in your best interest.
Your agent can act on your behalf only after signing the Power of Attorney before a notary public. You can request information from your agent at any time. If you are revoking a prior Power of Attorney, you should provide written notice of the revocation to your prior agent(s) and to any third parties who may have acted upon it, including the financial institutions where your accounts are located.
You can revoke or terminate your Power of Attorney at any time for any reason as long as you are of sound mind. If you are no longer of sound mind, a court can remove an agent for acting improperly.
Your agent for finances and property cannot make health care decisions for you. You may execute a "Health Care Proxy" to do this. The law governing Powers of Attorney is contained in the New York General Obligations Law, Article 5, Title 15. This law is available at a law library, or online through the New York State Senate or Assembly websites, https://www.nysenate.gov or https://www.assembly.state.ny.us. If there is anything about this that you do not understand, you should ask a lawyer of your own choosing to explain it to you.
Asterisks (*) indicate required answers.
If you should have any questions, feel free to call our office for help.