As with many other legal documents of its kind, timing is essential, needing to be completed and signed while the creator (referred to as the principal) is of sound mental health. If the power of attorney form is not completed beforehand, principals’ risk not having their wishes fulfilled entirely due to incapability. Because a durable POA allows the appointee access to personal finances-even if the principal is to become disabled, precautions must be taken in their selection.
Once principals have selected their chosen attorney-in-fact, they have the right to hand over specific rights. The most common areas the appointee can oversee include:
- The buying, selling, or refinancing of a property
- Management of bank accounts
- Decisions surrounding the business of the principal
- The management and control over the principal’s assets
New York power of attorney forms – learn more about powers of attorney related to other assets in New York.
New York Requirements
In compliance with the New York Statutes and laws, the principal must follow the New York Signing Requirements (§ 5-1513) when creating a New York durable power of attorney form. These are put in place to define the document in question as a legally binding document. Included in the list of requirements outlined in these statues are:
1. The New York durable POA should include:
- The principal’s full legal name
- The name and address of the chosen agent or agents
- The decision of whether or not these agents can act separately
- A list of areas in which agents can legally act
2. The principal will need to sign and date the document under the New York statutes to create the power of attorney forms. State law indicates that the document must be signed in the presence of a notary public for legal classification.
3. If the transfer of any property is involved, the principal will need to register the document with the New York Registrar’s Office.