Free New York Power of Attorney Forms
New York Power of Attorney By Type
The two basic types of POAs are general and limited. The general form authorizes the agent to perform all tasks allowed by federal and New York laws. The agent can sign checks, manage properties and assets, and file taxes on behalf of the principal. The limited form is only for a specific task or period.
Here are the key POA types:
Financial Power of Attorney
This document allows the agent to complete financial transactions on behalf of the principal. The agent can make bank deposits and withdrawals, sign checks, manage investments, and file tax returns, among others.
A financial POA can be general or limited.
Medical Power of Attorney
Also referred to as healthcare POA, this form gives the agent the power to make medical decisions on behalf of the principal. The agent makes decisions on treatments, medications, and procedures, often following the principal’s wishes cited on the POA.
Durable Power of Attorney
If a financial or healthcare POA is durable, the agent’s authority continues even when the principal becomes incompetent. It is helpful for those who cannot afford a gap in their financial or medical responsibilities.
How To Get a Power of Attorney in New York
You can get a POA at a local New York law office or make your own form. Printable templates are available for download, which you can customize based on the responsibilities you want to grant your agent.
There are certain requirements to get a POA in New York. One must be at least 18 years old and have the mental capacity to understand the provisions of the document.
New York Power of Attorney Laws
The New York General Obligations Title 15 or the Statutory Short Form and Other Powers of Attorney for Financial and Estate Planning has the following provisions:
- Section 5-1501A - It states that a POA is durable unless it clearly states that it will be terminated when the principal becomes incapacitated. Further, “All acts done during any period of the principal’s incapacity by an agent pursuant to a durable power of attorney shall have the same effect and inure to the benefit of and bind a principal and his or her distributees, devisees, legatees, and personal representatives as if such principal had capacity.”
- Section 5-1501B - This enumerates the requirements to make the POA legal. It must be legible, in font size 12. It must be signed by the principal and two witnesses, neither of which can be the agent. The POA becomes effective on the date the document was acknowledged.
- Section 5-1501C - The section lists the POAs not covered under Title 15, such as those primarily for business or commercial purposes and proxy authority to exercise voting rights.
FAQs About New York Power of Attorney Forms
The agent acts on behalf of the principal, given the authority granted by the POA. Here are answers to common questions asked about New York POAs: