Statutory Short Form Power of Attorney (NY)
This New York Statutory Short Form Power of Attorney helps individuals authorize third parties to manage property and financial matters. Having a last will and testament can be an important part of family estate planning. Likewise, having a power of attorney can serve important purposes for estate planning in New York. All power of attorney (POA) references in this form are to this New York form for property, unless otherwise stated. This form refers to the person who executes the power of attorney as the principal. Similarly, this form refers to the party appointed by the principal to make financial and property decisions as the agent. The laws of agency govern the relationship between a principal and the agent.
This form does not give an agent authority to make health care decisions on the principal’s behalf. To authorize a third party to make health care decisions, an individual must use a valid health care proxy.
Statutory Short Form
This document is called a statutory short form power of attorney because it’s a POA form created by statute. Specifically, this form is New York’s Statutory Short Form Power of Attorney. When a client creates a POA for estate planning purposes in New York, this form is typically the best choice. Moreover, this form is the best choice under such circumstances unless there is a specific reason not to use it.
This statutory short form power of attorney has three required parts:
- Caution to the principal;
- Statutory form itself; and
- Important information for the agent.
Furthermore, this New York Statutory Short Form Power of Attorney includes a statutory Gifts Rider. A Gifts Rider must accompany a statutory short form POA when the principal makes certain gifts. Particularly, principals must include a Gifts Rider when authorizing agents to make gifts of the principal’s property in excess of $500 annually.
Individuals may customize this Statutory Short Form POA in the power of attorney’s modifications section.
Other Forms of Powers of Attorney
Depending on the principal’s needs, additional POA forms may be appropriate instead of or together with this statutory short form. Examples include statutory form POAs for other states, separate POAs for tax purposes, military POAs, and health care proxies.