NY’s New Power of Attorney Law:
What It Means For You

Here’s the new process for creating a valid Power of Attorney in New York

On June 13, 2021, New York State updated its Power of Attorney (POA) Law. To create a POA, please use the updated New York State Power of Attorney Statutory Short Form, or a form that substantially conforms, if you now wish to create a valid Power of Attorney. Download the Statutory Short Form here.1   

NOTE: The new law does not affect a Power of Attorney validly executed prior to June 13, 2021.  If you have an approved POA on file with Apple Bank, you do not need to submit a new one.

What is a Power of Attorney (POA)?

A POA is a legal document that allows an individual (Principal) to appoint another person (Agent) to make decisions on their behalf.  When completed correctly, a New York State POA is generally “durable,” meaning it will remain in effect even if the Principal becomes incapacitated, unless otherwise indicated in the “Modifications” section of the Power of Attorney form.  
It is up to the Principal to decide what authority the Agent has. It is not uncommon for Principals to allow their Agents to handle banking transactions, retirement accounts and more. Based on the importance of those decisions, it is vitally important for a Principal to have the utmost trust in those they appoint as their Agent.


How to submit a valid, new Power of Attorney to Apple Bank:

  1. Download the Statutory Short Form.
  2. Fully complete the form. Write your initials next to the powers you are granting your Agent.  (Note:  You must initial next to “Banking Transactions” if wish to have your Agent conduct transactions at Apple Bank).  
  3. The Principal and selected Agent(s) must sign the form and have it notarized in the presence of two objective, disinterested witnesses. The notary may serve as one of the two witnesses.
  4. Submit the form to your local Apple Bank branch for review.  NOTE: Additional information may be requested to confirm the Principal’s authority and permission.   
 

Disclaimer: The information provided on this website does not, and is not intended to, constitute legal advice; instead, all information, content and materials available on this page are for general informational purposes only.  Consult an attorney for guidance on your unique situation.
 

 

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