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What is a New York Power of Attorney?
The person granting control is called the "principal," while the people or entities receiving powers are called the "agents." Suitable for New York residents, this Power of Attorney can be used in New York County, Kings County, Queens County, and in all other parts of the state. All New York Power of Attorney forms from Rocket Lawyer can be edited for your unique scenario. This official document will provide proof to financial institutions and other parties that your chosen agent(s) can act in your interest when you are not present or able.
When to use a New York Power of Attorney:
- You wish to give someone broad authorization to act for you if you are absent or incapable.
- You wish to give someone power to handle certain financial or legal issues in your absence or if you become ill.
- You wish to authorize someone to act on your behalf if case you become legally incompetent or incapacitated.
Sample New York Power of Attorney
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CAUTION TO THE PRINCIPAL: Your Power of Attorney is an important document. As the "principal," you give the person whom you choose (your "Agent") authority to spend your money and sell or dispose of your property during your lifetime without telling you. You do not lose your authority to act even though you have given your Agent similar authority.
When your Agent exercises this authority, he or she must act according to any instructions you have provided or, where there are no specific instructions, in your best interest. "Important Information for the Agent" at the end of this document describes your Agent's responsibilities.
Your Agent can act on your behalf only after signing the Power of Attorney before a notary public.
You can request information from your Agent at any time. If you are revoking a prior Power of Attorney, you should provide written notice of the revocation to your prior Agent(s) and to any third parties who may have acted upon it, including the financial institutions where your accounts are located.
You can revoke or terminate your Power of Attorney at any time for any reason as long as you are of sound mind. If you are no longer of sound mind, a court can remove an Agent for acting improperly.
Your Agent cannot make health care decisions for you. You may execute a "Health Care Proxy" to do this.
The law governing Powers of Attorney is contained in the New York General Obligations Law, Article 5, Title 15. This law is available at a law library, or online through the New York State Senate or Assembly websites, www.senate.state.ny.us or www.assembly.state.ny.us.
If there is anything about this document that you do not understand, you should ask a lawyer of your own choosing to explain it to you.
DESIGNATION OF AGENT(S):
I, , residing at , , , hereby appoint
or if we become legally separated or divorced, If any Agent designated above is unable or unwilling to serve for any reason, the other Agent shall serve alone. If any Agent designated above is unable or unwilling to serve for any reason, I appoint , of , , , as my Successor Agent to serve alone. If any Agent designated above is unable or unwilling to serve for any reason or if we become legally separated or divorced, I appoint , of , , as my Successor Agent to serve alone. If any Agent designated above (either together or independently) is unable or unwilling to serve for any reason, I appoint , , , to act as my Alternate Successor Agent to serve alone.
GRANT OF AUTHORITY
To grant your Agent authority for each power, initial the line preceding the power.
I grant the authority to my Agent(s) with respect to the following subjects as defined in sections 5-1502A through 5-1502N of the New York General Obligations Law:
| ________ | () | Real estate transactions; |
| ________ | () | Chattel and goods transactions; |
| ________ | () | Bond, share, and commodity transactions; |
| ________ | () | Banking transactions; |
| ________ | () | Business operating transactions; |
| ________ | () | Insurance transactions; |
| ________ | () | Estate transactions; |
| ________ | () | Claims and litigations; |
| ________ | () | Personal and family maintenance. If you grant your Agent this authority, it will allow the Agent to make gifts that you customarily have made to individuals, including the Agent, and charitable organizations. The total amount of all such gifts in any one calendar year cannot exceed five thousand dollars; |
| ________ | () | Benefits from governmental programs or civil or military service; |
| ________ | () | Financial matters related to health care; records, reports, and statements; |
| ________ | () | Retirement benefit transactions; |
| ________ | () | Tax matters; |
| ________ | () | All other matters; and |
| ________ | () | Full and unqualified authority to my Agent(s) to delegate any or all of the foregoing powers to any person or persons whom my Agent(s) select. |
MODIFICATIONS
In this section, you may make additional provisions, including, but not limited to, language to limit or supplement authority granted to your Agent, language to grant your Agent specific authority to make gifts to himself or herself, and/or language to grant your Agent the specific authority to make other gift transactions and/or change to interests in your property. Your Agent is entitled to be reimbursed from your assets for reasonable expenses incurred on your behalf. In this section, you may make additional provisions if you ALSO wish your Agent(s) to be compensated from your assets for services rendered on your behalf, and you may define "reasonable compensation."
I hereby revoke any and all general powers of attorney that previously have been signed by me. I hereby revoke any and all special powers of attorney that previously have been signed by me. I hereby revoke any and all general powers of attorney and special powers of attorney that previously have been signed by me. However, the preceding sentence shall not have the effect of revoking any powers of attorney that are directly related to my health care that previously have been signed by me.
This Power of Attorney Shall take effect upon the occasion of the signing of a written statement by the following persons certifying that the event specified below has occurred: .
This Power of Attorney shall take effect upon the occasion of the signing of a written statement by a physician certifying that I am suffering from diminished capacity that would preclude me from conducting my affairs in a competent manner. If a physician is unable to act, such a written statement shall be signed by a licensed psychologist or psychiatrist.
The event which must occur for this Power of Attorney to take effect is: .
- spouse
- children
- more remote descendants
- parents
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- spouse
- children
- more remote descendants
- parents
-
- spouse
- children
- more remote descendants
- parents
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ACCEPTANCE BY THIRD PARTIES
I agree to indemnify the third party for any claims that may arise against the third party because of reliance on this Power of Attorney. I understand that any termination of this Power of Attorney, whether the result of my revocation of the Power of Attorney or otherwise, is not as effective as to a third party until the third party has actual notice or knowledge of the termination.
TERMINATION
This Power of Attorney continues until I revoke it or it is terminated by my death or other event described in section 5-1511 of the General Obligations Law.
Section 5-1511 of the General Obligations Law describes the manner in which you may revoke your Power of Attorney, and the events which terminate the Power of Attorney.
This Power of Attorney shall become effective immediately. on . upon written certification by my physician that I am incapacitated or mentally incapable of managing my financial affairs, and shall not be affected by my disability or lack of mental competence, except as may be provided otherwise by an applicable state statute. This is a Durable Power of Attorney. immediately, and shall not be affected by my disability or lack of mental competence, except as may be provided otherwise by an applicable state statute. This is a Durable Power of Attorney. on , and shall not be affected by my disability or lack of mental competence, except as may be provided otherwise by an applicable state statute. This is a Durable Power of Attorney.
This General Power of Attorney may be revoked by me at any time.
[SIGNATURE PAGE FOLLOWS]
Dated ____________________, ______, at , .
__________________________________
| Witness Signature: | ___________________________________ |
| Name: |
| City: |
| State: |
| Witness Signature: | ___________________________________ |
| Name: |
| City: |
| State: |
| STATE OF | ss.: |
| COUNTY OF |
On this _____ day of ____________ in the year _______, before me, the undersigned, personally appeared , personally known to me or proved to me on this basis of satisfactory evidence to be the individual whose name is subscribed to the within instrument and acknowledged to me that he/she executed the same in his/her capacity, and that by his/her signature on the instrument, the individual, or the person upon behalf of which the individual acted, executed the instrument.
| _____________________________________ | __________ |
| Notary Signature | Date |
Notary Stamp
WITNESS ATTESTATION
The foregoing power of attorney was, on the date written above, published and declared by in our presence to be his/her power of attorney. We, in his/her presence and at his/her request, and in the presence of each other, have attested to the same and have signed our names as attesting witnesses.
___________________________________
,
___________________________________
,
On this _____ day of ____________ in the year _______, before me personally came, to me known to be the person(s) described in the foregoing Power of Attorney; and he/she/they acknowledged that he/she/they executed the same
On this _____ day of ____________ in the year _______, before me personally came, to me known to be the person(s) described in the foregoing Power of Attorney; and he/she/they acknowledged that he/she/they executed the same.
General Special Durable
New York Power of Attorney FAQs
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How do I get power of attorney in NY?
It is simple and easy to give or get the support you may need with a free New York Power of Attorney template from Rocket Lawyer:
- Make your document - Provide a few simple details and we will do the rest
- Send or share - Go over the PoA with your agent or get legal advice
- Sign it - Required or not, witnesses/notarization are a best practice
This route is, in most cases, much more affordable and convenient than hiring your average attorney. If needed, you can fill out a PoA on behalf of your spouse or another family member, and then have them sign once you've drafted it. Please keep in mind that for a PoA form to be accepted as valid, the principal must be an adult who is mentally competent when they sign. In the event that the principal has already been declared incompetent, a conservatorship might be required. In such a situation, it is important to speak with an attorney .
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Why should I have a New York PoA?
Every adult should have a Power of Attorney. Though it is challenging to think about, there may come a time when you can no longer make your own decisions. There will also be times when you're simply out of pocket. Here are some common occasions in which power of attorney may be useful:
- You are preparing to travel or move overseas either temporarily or permanently
- You are getting older or dealing with limited mobility
- You live in a care facility and want help managing financial affairs
- You would like to give a trusted person power to deal with certain financial or legal matters in your absence or if you are unwell
Regardless of whether this New York Power of Attorney has been drafted as part of a forward-looking plan or made in response to an emergency, witnesses and notarization can help to protect your agent if a third party doubts their privileges.
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Which type of Power of Attorney do I need in New-York?
There are several ways to classify PoA documents. They are primarily dependent on what powers will be given, when they will come into effect, and how long they are valid. Frequently, you will see them separated into four groups:
- Springing Power of Attorney - Will be activated based on certain guidelines
- Durable Power of Attorney - Will remain in effect even if you become mentally incompetent or incapacitated
- Special Power of Attorney - Will grant limited authority over specified affairs
- General Power of Attorney - Will grant a broad scope of powers over your affairs
When drafting your free New York Power of Attorney, you can opt to have the power begin immediately, on a precise day, or only when you're no longer capable. Your Power of Attorney can end when you pass away or on a particular date.
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Do I need a lawyer for power of attorney in NY?
New York Power of Attorney forms are generally straightforward, but you or your agent(s) may still have questions. Getting a legal professional to check your New York Power of Attorney may be time-consuming and relatively expensive. An easier and more cost-effective alternative would be to go through the On Call network. If you become a Premium member, you can have your documents reviewed by an Rocket Lawyer network attorney with relevant experience. You can rest assured that Rocket Lawyer will be here for you.
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How much does a Power of Attorney cost in NY?
The cost of finding and hiring a lawyer to create a Power of Attorney could be between $200 and $500. When using Rocket Lawyer, you aren't just filling out a Power of Attorney template. If you ever need support from a lawyer, your Premium membership offers up to a 40% discount when you hire an attorney from our network.
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What should I do after writing a New York Power of Attorney?
Attached to your Power of Attorney, you'll discover a set of suggested actions to take once your document is finished. You should feel free to take any of these actions related to your PoA: making edits, printing it, and/or signing it. Finally, you should give a final copy of your signed document to your agent(s), financial institutions, and other impacted parties.
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Does a Power of Attorney need to be notarized, witnessed, and/or recorded in New York?
The guidelines and restrictions governing PoA forms vary by state; however, in New York, your document will generally need to be notarized. If you intend to give an agent authority related to real estate, two witnesses will also need to sign. If your agent(s) will handle real estate transactions, the Power of Attorney must be acknowledged by a notary public and filed or recorded with your county. Finally, as a general principle, witnesses will need to not be under 18 years old, and no witness should simultaneously be acting as your Power of Attorney agent.
See New York Power of Attorney law: GOB, Chapter 24-A, Article 5
