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Some state laws do allow financial institutions to require additional documentation, such as an affidavit (sworn statement) by your agent. But generally, banks must, by law, accept a POA that is validly made.

Potential Disadvantages of Being a Power of Attorney The principal could sue you if you did not act in their best interest. A POA could be held responsible if they sign an agreement that could hold them financially liable. This can occur, for example, if you co-sign on debts.

The proper way to sign as an agent is to first sign the principal's full legal name, then write the word "by," and then sign your name. You may also want to show that you are signing as an agent by writing after the signature: Agent, Attorney in Fact, Power of Attorney, or POA.

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 agent's activities by anyone other than you, the principal. This can lend a hand to situations such as elder financial abuse and/or fraud.

A bank may refuse to grant the agent access to the principal's bank account because it determines that the POA is too old. Simply put, the legal concept of ?staleness? implies that if a document such as a POA is old there is a chance the principal has revoked its power or signed a new POA to replace the old one.

For your POA to be valid in New York, it must meet certain requirements. Mental Capacity for Creating a POA. Statutory Language. Witnessing and Notarizing the POA. Create the POA Using a Form, Software, or Attorney. Sign the POA in the Presence of a Notary Public and Two Witnesses.

In general, people may prefer power of attorney to be authorized via wet signature, since the document will need to be notarized anyway. But in many cases, a digital power of attorney option does exist and may be more convenient. eSignatures, including typed signatures, are the final and crucial aspect in these cases.

And, unless designated as durable (see below), the power ends when you become incapacitated. For most people, the best option is to have a general durable power of attorney because it gives your agent broad powers that will remain in effect if you lose the ability to handle your own finances.

Power of attorney documents must include the name and contact information of the person granting the power of attorney (the ?principal?), the name and contact information of the person being granted the power of attorney (the ?agent?), the date the document was signed, and a detailed description of the powers being ...