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The New York Limited (Special) Power of Attorney contributes a formal record to provide legal agency over a particular financial aspect or aspects from a declarant to a designated party. Unlike other POA arrangements, this stand-alone form allows the principal to insert language in their own words to grant authority in a more specific appointment. Complete the paperwork as needed to supply permissions to the denoted attorney-in-fact to handle the management of many various scopes, including property, accounts, insurance policies, or legal matters.

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)

Definition – “Agent” means a person granted authority to act as attorney-in-fact for the principal under a power of attorney, and includes the original agent and any co-agent or successor agent. Unless the context indicates otherwise, an “agent” designated in a power of attorney shall mean “attorney-in-fact” for the purposes of this title. An agent acting under a power of attorney has a fiduciary relationship with the principal (§ 5-1501(a)).

Signing Requirements – Two (2) disinterested witnesses and a notary public must view the application of all signatures and support receipt of the event with their respective endorsements (§ 5-1501B).