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The New York General (Financial) Power of Attorney is a standardized legal document created to purposefully extend controls to manage approved financial affairs to a secondary person on an interim basis. Initiation of this type of agreement can assist an issuing principal in nominating an agent to handle matters related to real/personal property, bank/tax accounts, and legal proceedings in their absence. The form can be amended to provide areas of issuance as needed by initialing beside the designated categories of preference. Affixing the requested endorsements as directed will apply the bestowed privileges to the attorney-in-fact upon confirmation from corroborating witnesses and notarization.

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 – “Power of attorney” means a written document, other than a document referred to in section 5-1501C 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 (§ 5-1501(j)).

Signing Requirements – Authentication of the document’s execution will need substantiating signatures from a notary and two (2) witnessing persons to effectively verify the written bond (§ 5-1501B).

Revocation – § 5-1511