A New York general power of attorney form enables a principal to name a representative (“agent” or “attorney-in-fact”) for the management of their financial affairs. A general power of attorney is not durable, so this arrangement terminates if the principal becomes unable to make competent decisions for themselves; i.e., incapable of revoking an agreement. It would be best if the attorney-in-fact was close (both geographically and personally) so they can be trusted to act with the principal’s best interests in mind. However, the principal will benefit from choosing an agent skilled in business and money management because they will be performing important and at times complex tasks. Those seeking representation even after they are incapacitated, a durable power of attorney will be the best option.
Signing Requirements – Notary Public (GOB § 5-1501B); if the principal elects to complete a “Statutory Gifts Rider” and attach it to the power of attorney document, their signature must be witnessed by two (2) persons in addition to the acknowledgment of the notary public (§ 5-1514.9(b)).