New York Durable Power of Attorney Form
The New York Durable Financial Power of Attorney is a written contract that promises one person will have full authority to handle another’s finances until they revoke the form, or pass away. It is a very common estate planning document used to provide people with comfort in that their assets will be properly managed should they suffer an event that leaves them unable to make sound decisions and/or communicate with loved ones. The person selected is called the “attorney-in-fact”, although they do not need to be an attorney – they can be anyone the principal wishes. While selecting someone that is responsible and has knowledge of handling finances is important, the attorney-in-fact is also bound by law to act in the best interests of the principal at all times.
When signing a form as the principal, the attorney-in-fact (agent) is required to sign their name in a specific format, which is:
Option 1 – “(agent’s full name) as agent for (principal’s full name)” OR
Option 2 – “(principal’s full name) by (agent’s full name), as agent”.