I have several questions regarding a "short form" General Durable POA executed in New York in 2007.
1. Since the document was executed, there have been a number of changes in the form of this document so that new ones that are executed have a different format and language. Is the original document still just as legally valid as it was when executed?
The reason for question #1 is that the person who gave the POA may no longer be competent to executing a new document. The original is supposed to remain effective 'should you become disabled or incompetent." So I assume it has to still be valid even if the person is not competent. If not, what would be the purpose of having that feature? Obviously the person cannot create a new POA if they are not competent.
2. There is an "Affidavit That Power of Attorney is in Full Force" on the back of the POA that apparently is supposed to be signed by the person to whom the POA is assigned. But that person never signed it. Does it matter if they sign it years later at the time they intend to exercise the powers rather than when the document was executed?
3. It's probably too late for this question. I understand that each state has different standards for accepting POA. For example, some states requite witnesses. Apparently NY requires only a notary and this POA has no witnesses. In this case, the person who granted the POA has assets in institutions in multiple states. I also understand that many institutions require their own form of POA in order to allow someone to exercise their powers. What good is a standard NY POA form, when a person has assets in other states and becomes unable to issue another new form that is specific to an institution or another state's requirements when needed? In those conditions the original form is of no value. In fact, if an institution requires its own form to be executed at the time a transaction is requested, then in the event the person assigning the POA is unable to execute that form at that time, because they are disabled or incompetent, then a NY GPOA is useless. Am I missing something here?
Thank you for any help!
1. Since the document was executed, there have been a number of changes in the form of this document so that new ones that are executed have a different format and language. Is the original document still just as legally valid as it was when executed?
The reason for question #1 is that the person who gave the POA may no longer be competent to executing a new document. The original is supposed to remain effective 'should you become disabled or incompetent." So I assume it has to still be valid even if the person is not competent. If not, what would be the purpose of having that feature? Obviously the person cannot create a new POA if they are not competent.
2. There is an "Affidavit That Power of Attorney is in Full Force" on the back of the POA that apparently is supposed to be signed by the person to whom the POA is assigned. But that person never signed it. Does it matter if they sign it years later at the time they intend to exercise the powers rather than when the document was executed?
3. It's probably too late for this question. I understand that each state has different standards for accepting POA. For example, some states requite witnesses. Apparently NY requires only a notary and this POA has no witnesses. In this case, the person who granted the POA has assets in institutions in multiple states. I also understand that many institutions require their own form of POA in order to allow someone to exercise their powers. What good is a standard NY POA form, when a person has assets in other states and becomes unable to issue another new form that is specific to an institution or another state's requirements when needed? In those conditions the original form is of no value. In fact, if an institution requires its own form to be executed at the time a transaction is requested, then in the event the person assigning the POA is unable to execute that form at that time, because they are disabled or incompetent, then a NY GPOA is useless. Am I missing something here?
Thank you for any help!
