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New York Durable (Financial) Power of Attorney Form

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New York Durable (Financial) Power of Attorney Form grants a person you designate as your “agent” with broad powers to handle your assets and property while you are still alive. Potentially, you may use this template to grant the agent the authority to decide upon a variety of issues and perform a wide scope of actions in your name. For instance, you can execute this form to give the agent the principal authority to mortgage, sell, or otherwise handle and manage any of your real or personal property without advance notice to you or your approval. Because this is a durable form, these powers will continue to exist even after you become disabled or incompetent. The powers delivered to the agent here will remain in effect for as long as you deem necessary so long as this form is properly executed. That is, unless you execute a written revocation or conflicting power document in the future, the powers in this paperwork will remain in effect for whatever time period you indicate.

Laws§ 5-1513

Health Care Proxy – This allows the principal to give the same durable powers for medical related decisions.

How to Write

1 – The New York Documentation Necessary To Delegate Principal Power Is Available For Download Here

This page provides the required written tool an individual in New York will need to appoint another with the same Authority he or she has. Locate the caption area containing three buttons under the preview image then select the file version you intend to work with.

2 – Deliver Some Required Material To Supplement Designation Statements

Every party involved with this delegation of Authority will have to be clearly identified by Name, Location, and Role. This task will be handled nicely in Section “(B) Designation Of Agent(s).” The terminology necessary for a statement of declaration is presented in this area however, it will need information pertaining to the situation at hand. Supplying this information will be a straightforward process. Each blank space in this section must have the information it requests supplied to it. Begin by producing the Name of the Principal on the first available space. Make sure this is his or her Full Name – as it appears on his or her Identification Papers. The Principal’s Complete Mailing Address will also need to be supplied. Make sure this appears on the blank space after the words “…With A Mailing Address Of” then complete this segment of the Principal report with the City where the Principal Mailing Address is located on the next available space. The Agent the Principal will give Principal Authority will need to be specifically named. Make sure to document this individual’s official First, Middle, and Last Name on the blank space after the words “…Hereby Appoint.”

In addition to the Agent’s Name, we must also record his or her Mailing Address and City. Furnish this information across the next two blank spaces. This paperwork will contain the option to Name multiple Agents. First, the Principal must document whether he or she intends to do so. If not, the Principal should initial the blank line placed to the left of the statement “There Shall Be No Other Agents.” If the Principal does intend to grant the right to wield his or her Authority to multiple Agents, then each one will have to be named and carry Principal Approval. In which case, the Name, Mailing Address, and City of the additional Agent must be supplied to the three blank spaces after the words “…Another Agent Known As” in the second statement. The Principal must initial this statement to approve this additional Agent. If multiple Agents will be able to wield Principal Authority, we will have to indicate how they interact. If the Principal wishes each Agent to be able to use Principal Power without the consultation or approval of other Agents, then he or she must initial the line that precedes “My Successor Agents May Act Separately.” If each Agent may only act only after consulting and agreeing with the other Agents, then the Principal leave this statement unmarked.

In Section “(C) Designation Of Successor Agent(s),” individuals can be named to be potential Agents in certain circumstances. That is, should the Agents named above not be able to wield Principal Powers then a Successor Agent will already have the documentation to assume this Authority as per the execution of this document. This can be considered a wise precaution in many instances, however, if the Principal does not wish to name any Successor Agents then, he or she should initial the statement “There Shall Be No Successor Agents.” If the Principal does want to have Successor Agents set up here, the next two statements will allow for up to two Successor Agents to be named. In this case, each Successor Agent’s Name, Mailing Address, and City must be Named to a unique statement that is then initialed by the Principal. Only the Principal’s initials can approve the individual named in a statement be appointed with Principal Powers. The Principal must now choose whether he or she wishes each Successor Agent to act with Authority only when all the Agents agree upon an action. If they can only act jointly, the Principal may proceed to the next section. If each Successor Agent may act with autonomy, then the Principal must initial the statement “My Successor Agents May Act Separately.” An option to provide additional preferences the Principal may have regarding succession has been supplied in the last statement. If the Principal has any such instructions, they should be provided in detail using the blank space after the words “Insert Specific Succession Provisions Here.”

3 – Authority Is Granted With Approval Only The Principal Can Provide

The next area requiring interaction will be “(F) Grant Of Authority.” Here a comprehensive listing of the types of transactions the Principal can approve the Agent to conduct in his or her Name has been constructed. Each of these lettered items (A through O) where the Principal wishes to grant the Agent Authority should be initialed by the Principal. The Principal may initial any or all of these descriptions to delegate the Agent with the right to conduct Principal Business in the selected areas on behalf of the Principal.

If the Principal would prefer to simply list each item he or she wishes to grant the Agent (saving the trouble of initialing multiple times), then he or she can list each letter item the Agent can have Principal Authority over on the blank space after the words “…By The Following Letters” in item “(P)” then initial the blank line that precedes the letter “(P).”

4 – Modifications To The Granted Powers Should Be Included And Approved If Applicable

An additional section, “(G) Modifications,” has been included in this paperwork so any specific instructions the Principal has regarding the way this document operates can be detailed. For instance, the Principal may wish the Agent to have Principal Authority for only a specific Time Frame or the Principal may wish to revoke other Authority documents that have been previously issued. If so, such directives can be presented on the blank line under the heading “(G) Modifications.” If there are no such directives, then this area may be left blank or the word “None” should be placed on this line. Some additional optional items have been included in this paperwork to cover every contingency the Principal may wish to enact. We will begin dealing with these items by turning our attention to “(H) Certain Gift Transactions: Statuary Gifts Rider. If the Principal has initialed “(I) Personal And Family Maintenance” and intends to attach the “Power Of Attorney New York Statutory Gifts Rider Authorization For Certain Gift Transactions” to this paperwork, then the Principal should initial the blank space just before the label “(SGR)” in this section. The next option provided will be to name a Monitor who will hold the Agent(s) accountable for all transactions conducted in the Principal’s Name through this document. If the Principal does wish to appoint a Monitor for this purpose, then we must record the Name of each Monitor on the blank space after the words “…I Wish To Designate” and the Address of each Monitor on the line after the words “…Whose Address(es) Is (Are).” The Principal must initial the blank space preceding this statement to approve the Monitors named here.  The Principal may also approve the Agent’s “Reasonable Compensation” by initialing the blank space in “(J) Compensation Of Agent(s).” 

5 – The Principal Signature Will Serve As Both Acknowledgment And Proof Of Principal Intent

In order for this document to be considered a valid representation of the Principal’s intentions and wishes, he or she will need to supply a Dated and Notarized Signature. In “(M) Signature And Acknowledgment,” he or she will have to record the Calendar Date of his or her Signature as a Month, Calendar Day, and Calendar Year across the two blank spaces in the first statement of this section. Below the Signature Date, the Principal must sign this document on the line labeled “Principal Signature.” The area under the words “State Of New York County Of” is the notarization section that only a Notary Public present at the time of signing may satisfy.

6 – A Signature Of Acknowledgment Is Also Required Of The Agent(s)

In addition to the Principal’s Acknowledgment Signature, the Agent will have to read sections “(N) Important Information For The Agent” and “(O) Agent’s Signature And Acknowledgment Of Appointment.” Once the Agent has read these areas, each one must Print his or her Name on the blank line after the words “I/We” then sign a unique “Agent(s) Signature” line. If there is only one Agent, only one line needs to be signed by him or her. The Notary Public will use the next area to notarize this document. 

Successor Agents named in this document should read “(N) Important Information For The Agent” (this will relate directly to a Successor Agent if he or she assumes Principal Power), then each one must print his or her Name on the first blank line after the words “I/We.” Once these tasks have been completed, each Successor Agent should sign a line labeled “Successor Agent(s) Signature.” The Notary Public serving the Successor Agent Signing will use the section below the signatures to notarize this signing. 

7 – An Optional Statutory Gifts Rider Must Be Filled Out And Signed If It Should Apply

If the Principal has decided the Agent will be able to have some additional Powers not mentioned in the above paperwork regarding gifts, the “Power Of Attorney New York Statutory Gifts Rider Authorization For Certain Gifts Transactions” has been included with this download. For it to be effective, the Principal will have to approve (by initial) the statutes he or she wishes applied, sign this form before two Witnesses, and make sure it is attached to the Power Document that has just been completed. In this way, the Principal may approve “(A) Grant Of Limited Authority To Make Gifts,” apply the “(B) Modifications,” and provide a “Grant Of Specific Authority For An Agent To Make Gifts To Himself Or Herself.” Once the Principal has decided upon the issues that he or she approves here, section “(E) Signature Of Principal And Acknowledgment” must be Dated then Signed by the Principal to validate this Rider. The Notary Section below will only apply if it is filled out by the Notary Public present at the time the Principal has Dated and Signed this Rider.

As mentioned earlier, this Rider’s Principal Signing must be Witnessed by two individuals who are willing to testify to the authenticity of the Principal’s Signing. Each one should read the testimonial beginning with the words “By Signing As A Witness…” then Sign the “Signature Of Witness…” line, enter the Date of Signature on the line labeled “Date,” then Print his or her Name, and Address. The Preparer of this document should enter his or her Name on the blank line following the words “This Document Prepared By….”