Is it OK to add as Modification to Sec g of NYS Durable POA the language below?
In the event that my ability to manage my financial affairs becomes seriously impaired due to physical or mental defect or condition, as determined solely by my Agent herein, my Agent herein is directed to delegate non-exclusively all powers herein related to personal financial management to _______Bank, _____, NY, and to assist ______ Bank as it may reasonably request, in management of my financial affairs. Alternatively, my Agent may, if my Agent deems necessary, delegate to and assist a financial institution other than ________ Bank which provides comparable services.
1 Answer from Attorneys
You can add whatever language you like. The question is will this language be effective. The answer is 'probably not.' The law is that the agent must personally handle those matters entrusted to him or her by the principal, with the exception of minor administrative matters, which can be delegated.
Make sure you're not using an old Power of Attorney form. Technically, the title of the statutory Power of Attorney no longer includes the word "durable," so maybe you have an outdated form.
Further, re-reading the language you want to add regarding incapacity, those words are problematic as well. Meaning, the bank may not be very cooperative based solely on the agent's statement that the principal is "seriously impaired due to physical or mental defect." Standard protocol is a physician's affirmation of incapacity to handle finances.
Good luck.
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