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New York General (Financial) Power of Attorney

A New York general (financial) power of attorney form is a document that allows an individual (principal) to grant authority over their financial affairs to a designated person (agent). These powers automatically become void if the principal is found to be incapacitated or otherwise unable to manage their own affairs.
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Updated August 21, 2024

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Laws

  • Durable – A power of attorney is durable unless it expressly provides that it is terminated by the incapacity of the principal[1]
  • Incapacity – means to be without capacity.
    • “Capacity” means ability to comprehend the nature and consequences of the act of executing and granting, revoking, amending, or modifying a power of attorney, any provision in a power of attorney, or the authority of any person to act as agent under a power of attorney.[2]
  • Signing Requirements – The principal’s signature and the signatures of two witnesses must be notarized.[3]

Sources

  1. § 5-1501A
  2. § 5-1501(f)&(c)
  3. § 5-1501B(b)