A summary of the five new laws is as follows: As a result, it is vital to consider these New York power of attorney law changes if you are making a new POA or updating your existing one. " Important Information for the Agent": This section allows the attorney-in-fact to read and understand their duties and responsibilities.įormer Governor Cuomo signed the new Power of Attorney law in December 2020, which became effective on June 13th, 2021." Caution to the Principal": This section warns the principal of the need to choose a trustworthy person and the powers they are about to give them.For example, in NY Gen Oblig L § 5-1501B, d1,2 and 2, the law requires you to add a section with the following wording (but the phrasing can vary): New York laws require particular statutory language to be included in the POA. Fortunately, New York allows a notary public to act as a witness you only need to look for one witness. The principal and agent should sign the document in the presence of a notary public and two witnesses. Done in writing and notarizedĪ valid POA in New York must be done in writing and should clearly outline the powers granted to the attorney-in-fact. When drafting the document, the law expects you to know the Power of Attorney rights and limitations. They must also understand the nature and consequences of making a POA, granting permission, revoking, or amending it. Law §5-1501-2c, the principal must be of sound mind and over eighteen years. Ensure the following clauses are well implemented to ascertain your POA is valid. In New York, a Power of Attorney must follow specific directives in the New York statutes under section N.Y. Requirements to Get a Legal New York Power of Attorney Makes medical decisions when incapacitated Takes effect after a specific event occurs Grants limited powers for a specific time Gives broad powers to manage legal and financial matters The table below differentiates the types available in New York. This requirement means you must know how to choose the right type of POA. In New York, each matter addressed in a POA must be specified. Examples of individuals who may use a POA are: Who Needs a Power of Attorney in New YorkĪnyone over eighteen can use a Power of Attorney to help them handle various matters pertaining to health, finances, business, end-of-life care, and real estate. We will also discuss the recent changes that affect how you make a POA in New York. Today, we will explore the necessary requirements to get a POA in New York. Further, New York has unique requirements you need to follow to guarantee your POA is valid and enforceable. Power of Attorney can be complicated, and principals must ensure they use the right one to avoid negative consequences. This document grants your close friend, spouse, or business partner the authority to make important decisions on your behalf. The next time you are out of town and need your checks deposited, pending contract signed, or taxes paid, be sure to use a Power of Attorney. Have your personal or business matters stalled due to your absence? If you live in New York, that should not happen.
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