A power of attorney (POA) is a legal document that allows someone else to make important decisions for you regarding your finances or medical matters. This person is called your agent, and you are the principal. In New York and other states, you can create a POA without a lawyer, following the state's requirements. The state of New York updated its laws on June 13, 2021, to make the creation of a financial POA simpler. Free power of attorney forms can assist you in creating a New York POA that aligns with your preferences.

DURABLE POWER OF ATTORNEY
A durable power of attorney allows your agent to continue making decisions for you even if you're unable to do so, such as being in a coma. It is commonly used for estate planning to prepare for situations where you can't communicate important decisions yourself. In New York, all power of attorney documents are durable by default, unless you specify otherwise. However, it's recommended to include a statement in your power of attorney stating that you want it to be durable. If your power of attorney isn't durable, your agent's authority ends when you become incapacitated.
 

Requirements for a New York Power of Attorney:

To create a New York power of attorney (POA), you need to:

• Be at least 18 years old.
• Have the mental capacity to understand the implications of creating a POA.
• Use a legible font (minimum 12-point size) when typing or writing the POA.
• Sign and date the POA in the presence of two witnesses and have it notarized. 
• Have your chosen agent sign and date the POA. If using a New York statutory power of attorney, their signature should be notarized. Your agent can sign the POA separately, but before they can act on your behalf, they must sign it.
• To avoid conflicts of interest, beneficiaries of your estate (including your spouse, children, or anyone named in your will) should not act as witnesses. Additionally, your agent cannot act as a witness but must still sign the POA to accept their authority.

After creating a POA, it is advisable to provide a copy to your agent and inform them of your expectations. They will need to present the POA to relevant authorities (such as your bank or hospital) to demonstrate their authority to make decisions on your behalf.

Who can be your agent in New York?

According to New York law, your agent can be anyone who is at least 18 years old and mentally capable. You don't have to choose a lawyer as your agent; most people opt for a family member, close friend, business partner, or someone they trust.

Your agent is legally obligated to:

• Follow the instructions specified in your POA.
• Act in your best interests.
• Keep your assets separate from their own.
• Disclose their role as your agent whenever they sign on your behalf.
• Maintain records of all payments and transactions made on your behalf.

  Do you need a will if you have a power of attorney?

  Yes, it is recommended to have both a will and a power of attorney. These documents have distinct functions. A will specifies how your assets should be distributed after your death. On the other hand, a power of attorney addresses decisions that need to be made during your lifetime in case of illness or injury.

  Create peace of mind with a power of attorney. Select either a New York durable statutory short form POA or a New York living will with a health care proxy. Fill out the questionnaire, and you'll receive a customized document. We provide instructions on how to properly execute your documents to ensure their validity under New York law.