Summary of New Power of Attorney Law
On September 1st, 2009, an amended New York Power of Attorney (POA) law became effective. The new “durable” (form remains in effect, even in the event of incapacity) POA places additional requirements on both the principal and the agent. In fact, the agent is required to sign and date the POA along with the principal’s signature and date. NY General Obligations Law Section 5-1501A. It has yet to be determined whether the agent and principal need to occur simultaneously.

Contract Signing
New POA and Single Parents
So, the real issue is why should single parents care? That’s easy. As single parents, we might have given a POA to an ex-spouse. Note: If you’ve granted a POA for yourself to an ex-spouse, effective July 7th, 2008, the POA was automatically revoked after divorce under EPTL 5-1.4. Therefore, you should executea a new POA, immediately.
It’s perfectly natural for married couples to execute POAs in favor of each other. But, as single parents, that option is not available for us. Single parents might name a parent, sibling or an older child. Some considerations might be the age of a child or a parent. I love my mother dearly, but, let’s face it, she’s aging. I might want to consider someone a little closer to my own age. Also, if you decide to choose your child, consider the child’s maturity along with his/her age. The law states that an agent must have “capacity” which means that an agent must comprehend the ability to revoke, execute, amend or modify the POA. NY General Obligations Law 5-1501. Personally, my little guy is too young to consider signing anything besides the walls (my little Picasso!) But, in about 15 years, he might be a great option.
You should consider the factors mentioned and many others when executing a New POA under New York Law. Should you have additional questions, please feel free to register on our site and we’ll be happy to help.
Stay Tuned for Part II: Statutory Major Gifts Rider (”SMGR”).