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New York Statutory Durable Power of Attorney - Durable Provisions

Durable Power Of Attorney For New York

Q: Is New York statutory short form durable?

If your POA isn&#039;t durable, your agent&#039;s power to act ends if you become incapacitated. In the state of New York, all POAs are durable by default unless you specifically state otherwise in your POA document.

Category:

Power of Attorney - General

State:

New York

Control #:

NY-P012

Format:

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Description

The Durable Power of Attorney for New York is a legal document that allows an individual, referred to as the principal, to appoint an agent to manage their financial affairs, even in the event of incapacity. It includes features such as the ability to designate multiple agents, specify powers granted, and a optional gifts rider for making gifts beyond a specified limit. Users can easily fill out the form using Microsoft Word or Adobe PDF, with interactive fields available for entry. It is critical for users to seek legal advice if they have questions about the form's contents or implications. This form is particularly useful for attorneys, partners, owners, associates, paralegals, and legal assistants who require a reliable method for clients to grant authority over financial decisions. It ensures that agents act in accordance with the principal's best interests and provides measures to revoke or modify the authority. Finally, users should be aware of the legal responsibilities and limitations placed on agents under New York law.

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1.04 EXPLANATORY: EVIDENCE; LIMITATIONS

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How to fill out New York Statutory Durable Power Of Attorney - Durable Provisions?

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Power of Attorney and Living Will / Health Care Directive

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FAQ

A New York durable statutory power of attorney allows a person to hand over the power to handle their finances to someone else, and remains valid during their lifetime. The person giving power (principal) can choose to give limited or broad powers to their selected individual (agent).

If your POA isn't durable, your agent's power to act ends if you become incapacitated. In the state of New York, all POAs are durable by default unless you specifically state otherwise in your POA document.

One must mention the following details on the Power of Attorney format PDF:The name of the principal.The name of the agent.Signature.Details and legal authorities provided to the agent.Other details depending on the Power of Attorney format for authorized signatories.

Officially, a power of attorney that is appropriately signed in one state is valid in New York. For example, if someone correctly signed a power of attorney under Florida law, the agent would be able to use that form to conduct business within the state of New York.

In New York, you must notarize the POA and also have it witnessed by two people who are not named in the POA as agents. The notary public can serve as a witness, so you might need to find only one more witness.

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Statutory Durable Power of Attorney - Durable Provisions

STATUTORY REFERENCE

ALL REFERENCES ARE TO THE NEW YORK CONSOLIDATED LAWS

DURABLE GENERAL POWER OF ATTORNEY, NON-DURABLE GENERAL POWER OF ATTORNEY and DURABLE GENERAL POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME

(Chapter 24-A, Article 5, §§ 1501 through 1506 )

I. General Information (Durable, Non-Durable, and Effective at a Future Time)

A power of attorney is a "statutory short form power of attorney", only when it meets the Statutory requirements and has been duly acknowledged.

The power of attorney must contain the exact wording of the form set forth in in the statute, except that any blank space to the left of any one or more of lettered subdivisions may be initialed by the principal. Any such lettered subdivisions are deemed chosen by the principal and are effective with respect to the powers conferred in the particular sections.

If more than one agent is designated by the principal, such agents must act jointly or separately consistent with the interpretive instructions contained in such statutory short form power of attorney.

A "statutory short form power of attorney" may contain modifications or additions of the types described in § 5-1503 (see below).

Modifications (§ 5-1503)

A power of attorney which satisfies the statutory requirements is not prevented from being a "statutory short form power of attorney", or a "statutory short form power of attorney effective at a future time", because it also contains additional language which:

Eliminates from the power of attorney one or more of the powers enumerated in the statutory form.; or

Supplements one or more of the powers enumerated in one or more of the constructional sections of the statutory form.; or

Makes some additional provision which is not inconsistent with the other provisions of the statutory short form power of attorney or of the statutory short form power of attorney effective at a future time.

Durability

The subsequent disability or incompetence of a principal does not revoke or terminate the authority of an attorney-in-fact who acts under a power of attorney in a writing executed by such principal which contains the words "This power of attorney shall not be affected by my subsequent disability or incompetence", or words of similar import showing the intent of such principal that the authority conferred shall be exercisable notwithstanding his or her subsequent disability or incompetence.

II. Durable General Power of Attorney

Form

The use of the statutory form is lawful and is construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

To be valid, the power of attorney must be written, typed or printed using letters which are in legible writing or clear type of no less than twelve point in size or, if in writing, a reasonable equivalent of the typed requirements.

The power of attorney MUST contain, in bold face and in upper case or upper and lower case type or a reasonable equivalent thereof the word "CAUTION" which is printed in bold face type at the beginning of the statutory form and the "DIRECTIONS" which are printed in bold face type immediately before subdivisions (A) through (Q) of the statutory form.

III. Non-Durable General Power of Attorney

Form

The use of the statutory form is lawful and shall be construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

IV. Durable General Power of Attorney Effective at a Future Time

General Information

An instrument granting a power of attorney may limit that power to take effect at a specified future time.

An instrument granting a power of attorney may limit such power to take effect upon the occurrence of a specified contingency, including, but not limited to the incapacity of the principal. The instrument must require that a person or persons named in the instrument declare, in writing, that such contingency has occurred.

Durability

The disability or incompetence of a principal does not revoke or terminate the authority of an attorney-in-fact who acts under a power of attorney executed in writing by the principal in accordance with the statutory requirements if the instrument contains the words "This power of attorney shall not be affected by my disability or incompetence", or words of similar import showing the intent of the principal that the authority conferred shall be exercisable notwithstanding the principal's disability or incompetence.

Form

The use of the statutory form is lawful and shall be construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

Statutory Durable Power of Attorney - Durable Provisions

STATUTORY REFERENCE

ALL REFERENCES ARE TO THE NEW YORK CONSOLIDATED LAWS

DURABLE GENERAL POWER OF ATTORNEY, NON-DURABLE GENERAL POWER OF ATTORNEY and DURABLE GENERAL POWER OF ATTORNEY EFFECTIVE AT A FUTURE TIME

(Chapter 24-A, Article 5, §§ 1501 through 1506 )

I. General Information (Durable, Non-Durable, and Effective at a Future Time)

A power of attorney is a "statutory short form power of attorney", only when it meets the Statutory requirements and has been duly acknowledged.

A "statutory short form power of attorney" may contain modifications or additions of the types described in § 5-1503 (see below).

Modifications (§ 5-1503)

Eliminates from the power of attorney one or more of the powers enumerated in the statutory form.; or

Supplements one or more of the powers enumerated in one or more of the constructional sections of the statutory form.; or

Makes some additional provision which is not inconsistent with the other provisions of the statutory short form power of attorney or of the statutory short form power of attorney effective at a future time.

Durability

II. Durable General Power of Attorney

Form

The use of the statutory form is lawful and is construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

III. Non-Durable General Power of Attorney

Form

The use of the statutory form is lawful and shall be construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

IV. Durable General Power of Attorney Effective at a Future Time

General Information

An instrument granting a power of attorney may limit that power to take effect at a specified future time.

Durability

Form

The use of the statutory form is lawful and shall be construed as a statutory short form power of attorney. However, the use of any other or different form of power of attorney is permitted.

Execution

The execution of a statutory short form durable power of attorney must be duly acknowledged by the principal before an officer authorized to take acknowledgments.

Requirements

Durable Power Of Attorney For New York

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Description

Related forms

Viewed forms

How to fill out New York Statutory Durable Power Of Attorney - Durable Provisions?

Power of Attorney and Living Will / Health Care Directive

Form popularity

FAQ

Does New York have a durable power of attorney?

Is New York statutory short form durable?

How do I fill out a power of attorney?

Is a NY power of attorney valid in other states?

Does a power of attorney need to be notarized in New York?

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