14 Ridgedale Avenue, Suite 254
Cedar Knolls, NJ 07927

Power of Attorney in New York

New York Statutory Power of Attorney Form

There is a standard form dictated by statute in New York which can be used to assign power of attorney that cannot be altered in order to be legally valid. The principal (or person creating the rights) assigns someone to be responsible for taking care of all or only specific financial matters on behalf of the principal.

The form must be signed in front of a notary public to be valid.  While the form is available online for free, deciding exactly who should have the power of attorney for you and what responsibilities they should be granted will vary from family to family.  An experienced New York Elder Law Attorney can help you understand and appreciate the possible implications of granting someone else rights over your financial affairs.

New York Durable Power of Attorney

For anyone who prefers to make a more detailed plan for assigning responsibilities for a Power of Attorney, the standard statutory form may not offer sufficient flexibility. N.Y. General Obligation Law Section 5-1601 allows a person to maintain power of attorney rights after the principal has become incapacitated in any way.

New York Springing Power of Attorney

N.Y. General Obligation Law Sec. 5-1602 allows a “springing power of attorney” which grants the rights of a power of attorney on a future date or on the occurrence of a specific circumstance, such as the incapacity of the principal.

Getting Elder Law Help in New York

Experienced New York Law Attorney Elga Goodman can provide you with all your options and work with you in making strategic choices in planning for your future.  Contact us today at 973-841-5111.

Posted in: Elder Law, New York Estate Planning