Principal

1. The person who grants authority to another to act to their behalf- the person receiving the power to act is called a attorney-in-fact and is a fiduciary for the principal.

2. Capital or the original property of a trust or fund as distinguished from any interest or earnings from that property.

Under New York Law “Principal” means an individual who is eighteen years of age or older, acting for himself or herself and not as a fiduciary or as an official of any legal, governmental or commercial entity, who executes a power of attorney. New York General Obligations Law § 5-1501(2)(k).

Estate Planning Glossary

The information on this site is not legal advice, it is Attorney Advertising intended to educate potential clients about their need for legal advice and assist them in obtaining a lawyer appropriate for those needs. Use of this site does not create an attorney-client relationship and is subject to the Terms of Use. Every case is different and every person should consult a lawyer to assess their particular case.  If you think this office can assist you please contact us for a free consultation. Prior results do not guarantee a similar outcome.

 

 

 

211 West Jefferson St., Suite 22
Syracuse, NY 13202 

(315) 364-1155 (Phone)
(315) 254-2024 (fax)