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New York Durable Financial Power of Attorney Form

The New York durable financial power of attorney form is a legal document whereas the Principal would grant authority to an Agent of their choosing. Without the Principal specifying, limiting or restricting any of the stated acts, the Agent would have the right to dispose of the Principal’s property at their discretion as well, they will have the right to spend the Principal’s money without their permission.

This document will provide opportunities for the Principal to state exactly what their wishes are, and these options should be exercised. The Principal should review the entire document prior to completing and signing the document. If there is any of this document that isn’t clear to the Principal, they should consider a consultation with an attorney so that all sections may be clarified. This document is meant to work in the best interest of the Principal.

This document must be notarized before it becomes effective. Moreover, the principal’s signature must be witnessed by two individuals not named as agents or permissible gift recipients (one of whom may be the notary public).

The Principal must be clear that they may, in fact, revoke this document at any time, in writing and by delivery or service to the appointed Agent. The document may also be revoked by assignment of a new or successor agent by completion of a new powers document. This would automatically revoke the initial document.

How to Write

Step 1 – The Parties – Enter:

  • The name of the Principal
  • Principal’s Address
  • AND
  • Name of the selected Agent
  • Agent’s Address
  • AND

In the event the initial agent becomes unable to properly act on behalf of the Principal, the Principal may choose to name a second Agent to act together or separately (according to the selection of the Principal –

  • Name of Second Agent (optional)
  • Address of second Agent

In naming a second Agent, they must work together unless the Principal would like the Agent’s to work consecutively (one at a time) in which case the Principal must initial the following statement, on the document:

  • “My agents may act SEPARATELY”

Step 2 – Designation of Successor Agent(s) –

Successor Agent(s) are selected in the event that the original Agent becomes unwilling or unable to act on behalf of the Principal. If the Principal wishes to name a Successor Agent, submit the following:

  • The name of each Successor Agent
  • Provide the addresses of each Successor Agent

The Principal must indicate, by checking the following statement, if the would prefer that Successor Agent’s work together. If the Agent would like them to act consecutively, leave the field blank (do not check it) – Directly below the statement, the Principal may enter the information with regard to how they would wish the succession to proceed if required

  • “My successor agents may act SEPARATELY”
  • Principal must read the remaining portion of this section

Step 3 – Grant of Authority – The Principal must enter the letter for each power in any field containing the powers they wish to grant to the Agent(s). If the Principal chooses not to grant a specific power, then they must “X” out the field – Select any or all of the following:

  • (A) real estate transactions
  • (B) chattel and goods transactions
  • (C) bond, share, and commodity transactions
  • (D) banking transactions
  • (E) business operating transactions
  • (F) insurance transactions; New York State Bar Association New York Statutory Short Form Power of Attorney, 8/18/10, Eff. 9/12/10 2010 N.Y. Laws ch. 340 Page 3 of 9
  • (G) estate transactions
  • (H) claims and litigation
  • (I) personal and family maintenance: If you grant your agent this authority, it will allow the agent to make gifts that you customarily have made to individuals, including the agent, and charitable organizations. The total amount of all such gifts in any one calendar year cannot exceed five hundred dollars
  • (J) benefits from governmental programs or civil or military service
  • K) health care billing and payment matters; records, reports, and statements
  • (L) retirement benefit transactions
  • (M) tax matters
  • (N) all other matters
  • (O) full and unqualified authority to my agent(s) to delegate any or all of the foregoing powers to any person or persons whom my agent(s) select
  • (P) Each of the matters identified by the following letters:
  • You need not initial the other lines if you initial line (P)
  • The Principal must review the following two titles:
  • Modifications
  • Certain Gift Transactions – IF the Principal wishes to grant authority to make gifts in accordance with the terms – initial the field before the statement

Step 4 – Designation of Monitor(s) – Should the Principal choose to elect a monitor over the Agent(s):

  • First initial the field before the statement (leaving blank if the Principal chooses not to elect a monitor)
  • Enter the name of the Monitor
  • Enter the Monitor’s Address

Step 5 – Compensation – Should the Principal choose to compensate their Agent(s) with money or assets, initial the following statement in the field provided. If not, enter an”X” in the field:

  • Agent(s) shall be entitled to reasonable compensation for services rendered
  • The Principal and the Agent(s) must read and agree to the following sections –
  • Acceptance by Third Parties
  • Termination

Once read and agreed to by the Agents, the notary shall complete this section, acknowledging this portion of the document.

Step 6 – Important Information for the Agent –

  • The assigned original Agent must read all of the information in this section prior to providing their signature. This is a legal document carrying legal responsibilities that the Agent must agree to.
  • When the Agent(s) read and agree to the entire section they must then enter the names of the Agent(s)
  • They must then provide their signatures

Once read and agreed to and the notary has witnessed the signatures, the notary shall complete this section, acknowledging this portion of the document.

Step 7 – Successor Agent’s Signature and Acknowledgement of Appointment –

Successor Agent’s are not required to provide signatures, however, if they do not acknowledge the document with their respective signatures, they will not have the ability nor permission by the Principal to use this document if/when the original agent is unable to act on behalf of the Principal. If the Successor(s) wish to sign the acknowledgment, provide signatures on the lines provided

Once the Successor Agent(s) have provided signatures that have been witnessed by the notary,  the notary shall then complete this section, acknowledging this portion of the document.

Step 8 – Authorization for Certain Gift Transaction –

This section must be read together by the Principal and the Agent(s) This rider is optional and is not something that the Principal must be a part of, as, granting of any of the following to your agent will allow your Agent to take actions you may not wish they take and could significantly reduce your estate (property) and/or change the distribution of your estate at the time of your death.

If you choose to grant authorities in this section, the Principal may wish to consult with an attorney to ensure that the powers granted will be as the Principal wishes them to be.

  • The Principal must carefully review each power. If they agree with the power, initial the line preceding the statement. If not, place an”X” on the line. Review the following sections before making any decisions:
  • Grant of Limited Authority to make Gifts
  • Modifications
  • Grant of Specific Authority for an Agent to Make Gifts ro Himself or Herself (optional)
  • Acceptance by Third Parties

Step 9 – Signature of Principal and Acknowledgement

  • Date the signature in mm/dd/yyyy format
  • The Principal must provide their signature on the line provided

Once the Principal has provided their signature before the Notary Public, the notary shall then complete this section, acknowledging this portion of the document.

Step 10 – Signatures of Witnesses – Two unrelated and uninterested witnesses must sign this document as follows:

  • The witnesses must read the acknowledgment
  • Both Witnesses must provide their signatures in their respective columns
  • Enter the date of their signatures in mm/dd/yyyy format
  • Enter their printed or typed names
  • Provide their addresses
  • City, State and Zip Code

Step 11 – Document Preparation –

  • If anyone, besides the Principal has prepared this document on behalf of the Principal, they must provide their printed name and signature in the box at the very end of the form

New York Durable Financial Power of Attorney Form