Updated on September 30th, 2022
A New York statutory durable power of attorney is a document that allows an individual to appoint an agent to conduct financial transactions on their behalf. The agent receives permission from the principal (the person being represented) to handle assignments that typically involve their bank accounts, business entities, taxes, personal property, and real estate. This power of attorney is “durable” and does not revoke upon the principal’s incapacity. Therefore, the agent will be able to perform all of the same actions regardless of the principal’s mental state.
Agent’s Duties – GOB § 5-1505
Laws – GOB Title 15, Article 5 (Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning)
Signing Requirements (GOB § 5-1501B) – Notary Public and Two (2) Witnesses
Statutory Form – GOB § 5-1513
- No statutory definition; GOB § 5-1501A explains the function of a durable power of attorney in New York.