Revocable Trusts (also called "living trusts") have continued their popularity as an alternative to a traditional Will and to the "probate process".
Introduction – In New York, a person (known as the "principal") may make a Power of Attorney (a "POA") to authorize another person (known as an "agent) to act on his behalf in financial matters. The POA is widely used for financial and estate planning purposes and for avoiding the expense of guardianship in the event of the principal’s incapacity. POA’s grant to the agent broad authority to spend the principal’s money and sell or dispose of the principal’s property with or without the principal’s prior knowledge! This grant of authority has often been made by principals who did not fully understand the scope of the powers granted, and as a result it has led to much abuse.