U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > New York City
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 07-24-2019, 12:04 PM
 
30 posts, read 10,208 times
Reputation: 30

Advertisements

My parents would like me to be Durable Power of Attorney for them (i.e. they are scared they will get incapacitated). We are in New York.

Is this the correct form to file? Any other things to look out for? Thanks!

Last edited by Priya36; 07-24-2019 at 12:47 PM..
Reply With Quote Quick reply to this message

 
Old 07-24-2019, 12:19 PM
 
1,728 posts, read 1,597,395 times
Reputation: 2551
Quote:
Originally Posted by Priya36 View Post
My parents would like me to be Power of Attorney for them. We are in New York.

Is this the correct form to file? Any other things to look out for? Thanks!
That's the one but keep in mind if you are going to be their legally appointed fiduciary as well, you should read this link over too. https://www.tax.ny.gov/poa/
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 01:10 PM
 
72,014 posts, read 72,043,164 times
Reputation: 49585
Quote:
Originally Posted by Priya36 View Post
My parents would like me to be Durable Power of Attorney for them (i.e. they are scared they will get incapacitated). We are in New York.

Is this the correct form to file? Any other things to look out for? Thanks!
do yourself a favor , see an attorney ... ny has changed the power of attorney forms and the new form is more complex .
The main thrust of a power of attorney is to appoint an agent to act on an individual’s behalf with respect to financial matters in case such individual becomes incapacitated.

Many people innocently refer to this document as one that is “simple” to prepare. This could not be further from the truth. Firstly, New York State passed legislation in an attempt to create a statutory form that would be uniformly accepted. This legislation was the result of tremendous abuse that was found in this particular area, with some appointed agents taking advantage of the disabled and elderly.

The new power of attorney law results in a much lengthier document, and significantly restricts the actual power given to the agent over financial matters.

If transfers are to be made on behalf of the principal, a separate gift rider must be executed.

The gift rider must specifically articulate the agent’s power to make gifts to himself/herself or to third parties. Further, any additional powers beyond those enumerated in the statute, must be added to a modification section of the form


Finally, while the law mandates banks, brokerage houses and other financial institutions to recognize the power of attorney, the form utilized must be statutory. Accordingly, if someone decides to cut corners and download a form from the internet, this may result in a tremendous disservice because if the form is not statutory, it does not have to be legally recognized.

my advice is do not do this on your own !
Reply With Quote Quick reply to this message
 
Old 07-24-2019, 05:43 PM
 
3,605 posts, read 3,093,815 times
Reputation: 3517
See a lawyer. New York State has 3 types of Powers of Attorney.


https://www.ilrg.com/forms/states/ny...orney-faq.html
Reply With Quote Quick reply to this message
 
Old Yesterday, 01:51 AM
 
72,014 posts, read 72,043,164 times
Reputation: 49585
people make the big mistake of thinking all these documents like wills , healthcare proxies and power of attorney are simple documents . nothing can be further from the truth ...

there are no do overs with these documents .. one glitch and game over ....

if one word is missing it can create horrible expensive consequences. we had that happen to us .. as the judge told us when a document left was defective ; the intentions of the deceased is quite clear , but courts can't add missing verbiage or re-write history correctly .
Reply With Quote Quick reply to this message
 
Old Today, 11:45 AM
 
Location: Manhattan
21,544 posts, read 28,464,272 times
Reputation: 9774
Quote:
Originally Posted by Wells5 View Post
See a lawyer. New York State has 3 types of Powers of Attorney.


https://www.ilrg.com/forms/states/ny...orney-faq.html


Thanks, that was an informative link.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > New York City
View detailed profiles of:
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top