When deciding who you want to appoint as an agent under your Power of Attorney it is first necessary to decide if you want one agent or more than one agent with authority to act for you. If you name two or more agents, you then must decide if each agent may act separately or if they must act jointly. The relationship between your potential agents may determine if you appoint only one individual. You do not want to create a situation where two individuals are fighting over how to use the Power.
It is important, whenever possible, to update any existing Power of Attorney. Since 2009, an agent has no authority to make gifts for the principal unless a Gifts Rider is attached to the Power. For example, if you want your agent to be able to sign the documents to transfer title to your home as part of an estate plan, then the Gifts Rider must also be signed with the Power of Attorney.Â
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The information you obtain at this site is not, nor is it intended to be, legal advice. You should consult an attorney for advice regarding your individual situation. I invite you to contact me and welcome your calls, letters and electronic mail. Contacting me does not create an attorney-client relationship. Please do not send any confidential information until an attorney-client relationship has been established.
Robert W. Shaw is licensed in New York.
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