A legal document used to pass over the legal right to make business-related and financial decisions for an individual is a durable, or financial, power of attorney. Using a New York durable power of attorney form, citizens of the state of New York can legally select an individual (referred to as the attorney-in-fact) to oversee their financial, business, and property-related matters in case they become unable to do so. This could be from an illness that deteriorates their mental health or an accident that leaves them unable to care for matters themselves.
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.
Filling out the New York Durable POA
Due to the sensitivity of the areas in which the attorney-in-fact(s) may act, principals should create durable POA forms with care. Using our high-quality New York durable power of attorney form, principals can rest assured that all signatures and legal requirements are included. These are available for download in an easy-to-follow PDF form.
Gather Required Information
Before downloading and printing the POA form, principals should gather all required information. This includes the full name and current address of both the attorney-in-fact and other agents, if applicable. These, along with a list of appointed powers, are needed when filling out the POA form.
List of Appointed Rights for Appointees
The durable power of attorney has many areas where the principal can customize. It includes which areas of their financial and business matters the chosen attorney-in-fact and other agents may and may not oversee. The principal has the right to designate different powers to each chosen agent and may allow them to act separately or all together depending on the situation.
Required Signatures and Proper Notarization
For the durable power of attorney to be named a legal document, the principal must gather all signatures. They, as well as their chosen agents, will need to sign and date the document in the presence of a notary public. Once all signatures and dates are complete, the principal is also advised to keep a copy and create duplicates for all parties involved.
When the time comes for using the POA document, the attorney-in-fact will need the document to execute the powers granted in the durable power of attorney form. It is especially true when the principal falls suddenly ill or mentally disabled, handing over all the powers to the chosen agents until the principal’s demise.
Other New York Forms By Type
Other Durable Power of Attorney Forms By State
- AZ durable power of attorney
- California durable power of attorney
- CO durable power of attorney
- Florida durable power of attorney
- Georgia durable POA
- Illinois durable POA document
- Indiana durable power of attorney
- Kansas durable POA for financial matters
- Maryland durable POA form
- MA durable power of attorney
- Michigan durable power of attorney
- Missouri durable POA form
- NJ durable power of attorney
- NC durable power of attorney
- Ohio durable POA for financial matters
- Oklahoma durable POA form
- Oregon durable power of attorney
- Pennsylvania durable POA form
- SC durable POA for financial matters
- Tennessee durable power of attorney
- Texas durable power of attorney
- Virginia durable POA form
- WA State durable power of attorney