Signing Requirements
The principal and agent must have their signatures acknowledged by an authorized notary public. In addition, the principal’s signature must be witnessed by two persons who are not named in the instrument as agents or permissible gift recipients — one of whom may be the notary public acknowledging the document.[1]
Powers Granted
A principal may give an agent the power to do any legal act that the principal is allowed to do through an agent. This can include performing transactions with regard to:[2]
- real estate;
- chattel and goods;
- bonds, shares, and commodities;
- banking;
- business operations;
- insurance;
- estate;
- claims and litigation;
- personal and family maintenance;
- financial matters related to health care;
- retirement benefits; and
- tax matters.
“Durable” Definition
A power of attorney is durable unless it expressly provides that it is terminated by the incapacity of the principal. The subsequent incapacity of a principal shall not revoke or terminate the authority of an agent who acts under a durable power of attorney.[3]
“Power of Attorney” Definition
“Power of attorney” means a written document, other than a document referred to in section Gen. Oblig. Law § 1501C of this title, by which a principal with capacity designates an agent to act on his or her behalf and includes both a statutory short form power of attorney and a non-statutory power of attorney.[4][5]
Revocation
A power of attorney terminates when:[6]
- The principal dies;
- The principal revokes the power of attorney;
- The principal revokes the agent’s authority or the agent resigns, becomes incapacitated, or dies;
- The power of attorney provides that it terminates;
- The purpose of the power of attorney is accomplished; or
- A court order revokes the power of attorney.
An agent’s authority terminates when:
- The principal revokes the agent’s authority;
- The agent resigns, becomes incapacitated, or dies;
- The principal and agent divorce or legally separate; or
- The power of attorney terminates.
The agent’s authority is only revoked when the principal notifies the agent of such a change has been made.[7]
Statutory Form
Yes, the State of New York has a statutory form.[8]