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A New York power of attorney is a legal form that acts as the authorization for an individual, known as the agent or the attorney-in-fact, to make financial decisions, healthcare decisions, real estate decisions, or estate decisions on behalf of the person granting this authority. A New York POA is often used for estate planning. However, there are other instances where a POA is a useful tool.
Quick Reference:
The person granting permission referred to as the principal, donor, or grantor.
The person receiving authorization is known as the agent or the attorney-in-fact.
A New York power of attorney is a power of attorney form must comply with Article 5, Title 15 of the statutes of the State of New York. These statutes specifically outline the parameters of a legally enforceable power of attorney and ensures that the form, even when it is the statutory short form power of attorney, as well as its duties are defined and protected under the law. Here are some of the state’s legal requirements:
A principal also has the right to designate exactly which powers an agent has and which they do not have, including whether they may make gifts. A principal may also decide whether they want to revoke the POA.
In New York, a power of attorney terminates when:
There are several reasons why someone would use a New York power of attorney form to give someone the authorization to make decisions related to their tangible personal property transactions, financial institution transactions, tax matters, or their well-being. Some of those reasons include:
Each person’s power of attorney needs vary. Thankfully, there are several types of power of attorney documents. Before you decide to get a power of attorney, you should seek legal advice. Ask about the best POA to suit your needs and how to revoke a power of attorney if it becomes necessary. Here are a few of the most common.
General Power of Attorney
A general power of attorney grants a single individual to handle financial matters, such as managing a bank account, on behalf of the principal.
Durable Power of Attorney
A durable power of attorney, also known as a statutory power of attorney, is an "extended version" of a general power of attorney because it goes beyond the parameters of a general power of attorney.
Limited Power of Attorney
A limited power of attorney, also known as a special power of attorney, grants limited power to whatever the grantor specifies.
Healthcare Power of Attorney (Healthcare Proxy)
A healthcare power of attorney grants power to the agent to make healthcare decisions on the principal’s behalf.
Minor Child Power of Attorney
A minor child power of attorney allows a parent to grant decision-making rights over their child to a temporary guardian in the case that the parent may not be present during a medical emergency.
Real Estate Power of Attorney
A real estate power of attorney grants power to the agent, allowing them to buy, sell, and manage real property on the grantor’s behalf.
Tax Power of Attorney
A tax power of attorney form allows the agent who is usually a qualified individual such as an accountant, to prepare and submit tax information to the Department of Revenue on behalf of the principal.
Vehicle Power of Attorney
The State of New York does not require a power of attorney to register a vehicle for another person if you can show proof of identity and date of birth of the applicant according to the New York DMV’s website.
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