Updated on October 6th, 2022
A New York general power of attorney allows a principal to choose an agent that can carry out tasks related to the principal’s money and property. The appointed powers are ‘general’, meaning the agent can undertake any action they deem necessary as long as those powers have been granted in the document. The durability of the form (i.e., whether the agent’s authority will continue (durable) or end (non-durable) upon the principal’s incapacitation) must be specified on page three (3) under Modifications.
This general power of attorney requires signatures from the principal, the agent, any successor agents, and a notary public. If the agent is granted gift making powers, the attached Gift Rider form requires signatures from the principal, two (2) witnesses, and a notary public.
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
Durable Power of Attorney – A durable power of attorney is a form in which a principal selects a third party to represent them in their financial matters. In this case, the agent’s power of attorney is ‘durable’, and their powers are not affected by the principal’s incapacitation.