A power of attorney is a legal agreement between a principal and an agent (also known as an attorney in fact), whereby the principal authorizes the agent to perform financial or health care duties on behalf of the principal. The agent assumes a fiduciary duty to the principal, meaning that the agent has a legal obligation to act in the principal’s best interests. This duty requires the agent not to use the agreement to benefit him or herself.

Executing a power of attorney is an important component of planning for the future. If you become injured or otherwise cannot attend to your business, having this document in place can enable someone to step in and make sure your financial affairs flow smoothly. Without it, your loved ones would have to undertake a lengthy, costly legal process to appoint a representative to manage your affairs. View Power of Attorney Laws


Sources

Gift Rider – http://www.nytitle.com/_fileCabinet/POA_2010_Statutory_Gifts_Rider.pdf
Affidavit – http://www.nytitle.com/_fileCabinet/POA_2010_Affidavit.pdf