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The New York Durable (Financial) Power of Attorney resolves an agreement to legally distribute one’s abilities to perform permitted actions related to held assets, taxes, or legal matters to a third party. The distinction associated with the durable agreement further states that the granted powers are held even upon the principal’s incapacity. Broad sweeping controls can be issued at the discretion of the declarant regarding endorsement privileges, management of accounts/property, and/or legal representation. The principal individual can fine-tune the selected privileges to endow the mandatary with the controls exclusively as desired by initialing each designated category on the form.

Laws

Statute – Consolidated Laws of New York – Chapter 24A – Article 5 – Statutory Short Form and Other Powers of Attorney For Financial and Estate Planning (§ 5-1501 – 5-1514)

Definitions – A power of attorney is “Durable” unless it expressly provides that it is terminated by the incapacity of the principal (§ 5-1501A(1)).

Signing Requirements – Two (2) witnesses must be made available to view and attest to the signing of the paperwork, and additional notarization must be recorded by a licensed official (§ 5-1501B).

Revocation – § 5-1511