Power Of Attorney Legal Terms and Legal Words. Trusts & Estate Planning Terminology

agent

an agent means a person granted authority to act as attorney-in-fact for the principal under a power of attorney, and includes the original agent and any co-agent or successor agent. Unless the context indicates otherwise, an "agent" designated in a power of attorney shall mean "attorney-in-fact". An agent acting under a power of attorney has a … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning

capacity

'Capacity' means ability to comprehend the nature and consequences of the act of executing and granting, revoking, amending or modifying a power of attorney, any provision in a power of attorney, or the authority of any person to act as agent under a power of attorney. … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning

Monitor

Monitor is a new term approved by the NY legislature in 2008 in connection with the new Power of attorney laws of NY. The purpose of appointing a monitor is to prevent elder abuse and abuse of a power of attorney. A monitor can be appointed by the principal in the Power of attorney and is given the authority to request, receive, and seek to compel the … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning

power of attorney

Power of attorney means a written document by which a principal with capacity designates an agent to act on his or her behalf. … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning

SMGR

SMGR stands for a Statutory Major Gifts Rider. Statutory major gifts rider is a new term adopted by the NY Legislature in 2008. The Statutory major gifts rider (SMGR) must be a part of a valid NY Statutory Short Form of a Power of attorney. It means a document by which the principal (a person executing a Power of attorney) may supplement a statutory short … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning

Statutory major gifts rider

Statutory major gifts rider is a new term adopted by the NY Legislature in 2008. The Statutory major gifts rider (SMGR) must be a part of a valid NY Statutory Short Form of a Power of attorney. It means a document by which the principal (a person executing a Power of attorney) may supplement a statutory short form power of attorney to authorize an agent … Full Definition »

Law topic: Power Of Attorney << Legal issue: Trusts & Estate Planning