A New York durable power of attorney form allows an individual to transfer the authority of managing their finances to another person, and this authority persists throughout the principal’s lifetime.
The principal can bestow either specific or extensive powers upon their chosen representative, and the form remains legally valid even if the principal becomes incapacitated or unable to make decisions due to illness. Upon fulfilling the requisite signing criteria, the agent gains the ability to act on behalf of the principal and is obligated to present the form on every relevant occasion.
New York power of attorney forms are durable by default, so they’ll stay in effect even if the principal becomes incapacitated unless the document specifically states otherwise.
- Relevant Laws: New York Gen. Oblig. Law §§ 5-1501 – 5-1514 (Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning).
- Presumed Durable: Yes, unless the form expressly provides that the principal’s incapacity terminates it. New York Gen. Oblig. Law § 5-1501A.
- Signing: Must be signed, initialed, and dated by the principal and signed by two disinterested witnesses (not the agent or someone who can receive gifts in the DPOA). New York Gen. Oblig. Law § 5-1501B.
- Notarization: None.
- Statutory Form: Yes New York Gen. Oblig. Law § 5-1513.
New York law requires that your agent sign and date the form to accept their appointment.