New York Durable Power of Attorney (Financial)

Last Updated: 6/15/2015

Document Description

Why does anyone need a power of attorney? Usually, this legal authority is granted when someone is unable or does not want to handle or manage specific affairs of his or her life. For example, the Internal Revenue Service uses it so that your accountant can speak to the agency on your behalf. A personal power of attorney does the same thing but provides this power to someone you trust to handle your general or financial affairs. This could be because you are traveling, become ill or simply want someone to handle some of your matters.

In New York, the financial exploitation of the elderly grows and continues to develop as a fairly large problem. Because of this, the state has made some amendments to Article 15 of the New York general Obligations law. Under the old laws, assigning these powers in New York was fairly simple. With the new laws in place, there is more accountability placed upon the agent. The agent is the one whom you choose to be your attorney-in-fact or the one who represents and manages on your behalf.

The ezEstatePlanner New York Durable Financial Power of Attorney provides a great way to put forth your plan. This document is fully customizable, and you can choose specifically what you want your agent to be responsible for.

The state of New York requires that a power of attorney, or a POA as it is often called, must be signed before witnesses and also be notarized. Once you get all of your POA ducks in a row, you can then upload the document to your ezEstatePlanner Vault. By using ezEstatePlanner’s document builders, you also have free access to a secure cloud-based vault. Additionally, you may assign your agent or loved one access so that he or she will have the necessary document when it’s needed and wherever there is an Internet connection. However, YOU control who may view your document.

  • NY Assist:

    To be valid under New York Law, a statutory short form power of attorney or a non-statutory form power of attorney executed in New York State after August 31, 2009, must: 1. Be typed or printed using legible clear type no less than twelve point type or a reasonable equivalent thereof.
    2. Be signed and dated by a Principal with capacity, with the signature of the Principal duly acknowledged in the manner prescribed for the acknowledgement of a conveyance of real property.
        a . Capacity is defined, for purposes of the power of attorney, as the ability to comprehend the nature and consequences of: the act of executing and granting, revoking, amending or modifying a power of attorney; the provisions in a power of attorney; and the authority of any person to act as Agent under a power of attorney.
    3. Be signed and dated by any Agent acting on behalf of the Principal with the signature of the Agent duly acknowledged in the manner prescribed for the acknowledgement of a conveyance of real property.

    Additional information regarding the laws for a power of attorney can be found on the New York legislative website, specifically in Title 15 - STATUTORY SHORT FORM AND OTHER POWERS OF ATTORNEY FOR FINANCIAL AND ESTATE PLANNING .

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