The popular proverb “a peacock today, a feather duster tomorrow” is the exact story of a will or life assurance. Some years ago, they were the most widely used insurance measures people used in preparation for an unpredicted casualty. Today, more and more people have begun to understand the importance of a power of attorney.
Unlike the others, a power of attorney works while you are still alive, incapacitated or not. What if you are not dead, but unable to take decisions for yourself? Who acts on your behalf? That is what a power of attorney document specifies.
What is New York Power of Attorney?
The New York Power of Attorney is the provision the laws of the state of New York confer on an individual (principal) to choose someone (an agent or attorney-in-fact) to represent him/her in all his/her legal and financial matters, or in specific matters.
The principal may choose to limit these powers to a particular thing, say, signing cheques from a bank account for monthly payment of bills or make the powers broader, say, buy/sell real estate documents, receive benefits, among others.
If this power of attorney is no longer effective after incapacitation of the principal, it is called a non-durable power of attorney. If, on the other hand, it still remains valid after incapacitation of the principal, it is called a durable power of attorney.
As expected, the agent should represent the best interests of the principal. Hence, it is usually recommended that the principal appoints a reliable and capable spouse, relative or family friend but not a minor.
It must be noted that giving an agent does not mean you are handing over your financial and legal matters over on a permanent basis. You can still attend to these matters on your own.
You are only giving the agent the rights to do the same in your own name when you are unavailable. In fact, you can revoke a power of attorney at any time you deem fit without giving any particular reasons, personal or legal.
Why Would You Use a New York Power of Attorney Form?
You never can tell when emergencies may arise, can you? That is why the power of attorney is a recognized agreement under the law across all fifty states in the United States.
In general, a power of attorney NY form is usually prepared for aging seniors or those with significant health issues in New York that could lead to their incapacitation. You might also consider drafting one if you:
- Travel a lot
- Serve in the military
- Active in extremely high-risk sporting activities
- Function in a high-risk work environment
A power of attorney, much like a living will or a life assurance is a long-term plan to contain the effects a casualty might have on an individual. You can appoint your agent to handle your medical affairs, certain business transactions, and tax-related matters if you are often out of the country and unable to attend to them yourself.
You can also put the agent in charge of your finances and legal transactions, if and when, you get incapacitated mentally or physically to do them yourself. They are bound to act within the dictates of the power of attorney form ny.
What Are The Power of Attorney Requirements in New York?
The power of attorney requirements in New York are not very different from elsewhere. The following are some requirements that need to be met for your power of attorney ny to be valid.
- It must contain the date and notarized signature of the principal, while the principal is deemed mentally capable of handing over such powers.
- Date and notarized signature of the agent or attorney-in-fact.
- It must follow the required language expected of a power of attorney form
- The contents of the letter must be clear, legible and not lesser than twelve points in size. Essentially, it must be typed or printed “using letters which are legible or of clear type no less than twelve point in size, or, if in writing, a reasonable equivalent thereof.”
- If the principal chooses to complete a ‘Statutory Gifts Rider’ and attach to the power of attorney document, he/she must sign the documents in the presence of some witnesses or a notary public.
It must be noted that you or the agent can appoint someone to sign or date the form on your behalf. This is usually done in what is referred to as a fiduciary capacity, through an attorney. However, for the signature to be valid and recognizable under the law, the individual signing the form on your behalf or that of the agent must be able to show a proof that he/she was authorized by yourself or the agent.
Also, if you are downloading any of CocoSign’s templates, you do not have to worry about the font size laws or language, since the templates are designed to be agreeable with the laws of New York.
Types of Power of Attorney in New York
There are different types of power of attorney granted by the laws of New York. They include:
Springing power of attorney: For a springing power of attorney, the power of attorney becomes effective only after a particular date. You can dictate that it becomes enacted only after you become very ill, mentally incapable or physically disabled. As a form of security, you can specify on the document that your inability to manage your own affairs can only be determined by your physician.
Health Care Proxy or Medical power of attorney: The medical power of attorney document in New York is titled Health Care Proxy. It can be found in the New York Consolidated Laws, Public Health Law, Section 2891. Here, your agent acts on your behalf only on medical-related matters. The agent has the rights to make some decisions as directed by the contents of the document for you. He could choose to refuse you blood transfusion or a surgical procedure that has a 50-50 chance of you surviving. The form has provisions for you to include specific instructions or roles you want your agent to play.
Limited power of attorney: Here, your agent is permitted to act in your name only on specific matters. He might be restricted to only collecting your benefits, acting on your behalf on medical related matters, or on tax-related issues.
How to Get A Power of Attorney in New York?
You can obtain a standard power of attorney form NewYork from a court or use an online template or fillable form suited to what you need. CocoSign, for example, has detailed New York state power of attorney forms for medical, legal and financial purposes.
Getting a power of attorney form, especially from a reputable website is a cost-effective way of obtaining this important legal document. As long as the ny power of attorney requirements are met, they are equally as legal and valid as having a legal practitioner draft one for you.
As expected, an attorney or legal practitioner will charge you more for helping you draft one.
The keyword to a ny power of attorney form is understanding what you are signing before you complete it. Having gone through this article, your eyes should be opened to the importance of power of attorney, requirements that should be met, and considerations before appointing a particular individual to represent you. To get started, download your required power of attorney form from CocoSign’s wealthy lineup of New York power of attorney documents.
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