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A durable power of attorney is used to vest someone whom you trust the authority to act on your behalf. A durable power of attorney could be indispensable should you become incapacitated. However, these documents may be abused by the holder of the power in the future, and one should think about that seriously before executing a power of attorney. In New York, as a substitute for a power of attorney, a Guardianship proceeding may be undertaken, which will provide judicial supervision over those given power over one’s assets in the event of disability. Furthermore, our experience has been that many financial institutions prefer that powers of attorney be executed on their own forms.

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