This General Durable Power of Attorney for Property and Finances Effective upon Disability form is a general, durable power of attorney which is effective ONLY upon the principal's disability, incompetency or incapacity. You can use this form to appoint an attorney-in-fact (agent) to make decisions regarding property, financial, management, banking, business and other matters for you. The powers granted to an Agent in this Power of Attorney are very broad, but do NOT provide for health care services.
Durable Power Of Attorney With 2 Agents
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Co-agents have equal decision-making abilities and if they are granted joint powers then they cannot act independently and must make all decisions together. This can create serious issues if they do not get along and have trouble reaching consistent agreements.
If power of attorney co-agents disagree on a financial decision and the principal is mentally competent and not physically incapacitated, then the principal's decision supersedes the representatives. The principal also has the authority to revoke an agent's authority.
A power of attorney can name one agent or it can require two or more agents to act together. If you are acting as a co-agent under a power of attorney, but you and your fellow agent disagree on a course of action or one party has stopped participating in decision making, what can you do?
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You must sign your durable power of attorney in front of a notary or two witnesses. What is a Durable Power of Attorney?23-2. Financial Powers of Attorney. 23-3. If you choose a specific date, you can enter the exact date of when you want the agent's authority to expire. The term includes an original agent, coagent, successor agent, and a person to which an agent's authority is delegated. 2010 N.Y. Laws ch. 340. The principal may give notice of the revocation to an agent who has accepted authority under the revoked power of attorney. In this form, you are the principle and the person you give authority to is called the agent. 270 Termination of power of attorney or authority of agent. (1). Create a trust;. (2).