A New York general power of attorney (GPOA) lets the document creator (the principal) select a trusted attorney-in-fact who carries out tasks relating to the principal’s finances. The “general” nature of this document makes it non-durable, so the agent’s authority ceases if the principal develops a mental incapacity.
Alternatively, a durable power of attorney remains valid even if the principal can no longer make decisions for themselves.
Authority (NY Gen. Law § 5-1501(2)(j)) – The agent has the authority to act on the principal’s behalf if they abide by the restrictions the principal imposes.
Signing Requirements (NY Gen. Law § 5-1501B) – The principal must sign the document in the presence of a notary public and two witnesses. The witnesses must not be a named agent or someone who may receive gifts under the agreement.
Presumption of Durability (NY Gen. Law § 5-1501A) – All powers of attorney endure through the principal’s incapacity unless the principal states differently.
