New York General (Financial) Power of Attorney Form
The New York General (Financial) Power of Attorney is a form that meets state law requirements for a Power of Attorney to be considered non-durable. State law (§ 5-1501A) specifies that “A Power of Attorney is durable unless it expressly provides that it is terminated by the incapacity of the Principal.” It is thus crucial that an individual (the Principal) executes this particular type of Power of Attorney if, in the event of their incapacitation, they:
- Do not want the Power of Attorney to continue, nor
- Do not want the authority granted to the party who will represent them (their Agent) to endure.
State Laws & Signing Requirements
Signing Requirements (§ 5-1501B) – General Power of Attorneys enacted in New York require:
- The signature of the Principal,
- The signature of the Agent,
- Acknowledgement “in the manner prescribed for the acknowledgment of a conveyance of real property,”
- The printed or written letters within the contract to be legible, and
- The specific wording found in § 5-1501B(d).