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A power of attorney can change ownership if the power of attorney document grants the agent authority to sell that particular property.
New York General Obligations Law § 5-1513 provides for the statutory form of the power of attorney. There are a number of transactions in which the principal has to check in order to grant the agent authority to transact on behalf of the principal.
- real estate transactions;
- chattel and goods transactions;
- bond, share, and commodity transactions;
- banking transactions;
- business operating transactions;
- insurance transactions;
- estate transactions;
- claims and litigation;
- personal and family maintenance. If you grant your agent this authority, it will allow the agent to make gifts that you customarily have made to individuals, including the agent, and charitable organizations. The total amount of all such gifts in any one calendar year cannot exceed five thousand dollars;
- benefits from governmental programs or civil or military service;
- financial matters related to health care; records, reports, and statements;
- retirement benefit transactions;
- tax matters;
- all other matters;
- full and unqualified authority to my agent(s) to delegate any or all of the foregoing powers to any person or persons whom my agent(s) select;
- each of the matters identified by the following letters.
As a general rule, when the principal checks any of these letters, the principal grants authority for the agent to sell the particular property identified. However, the principal can insert provisions in the modifications portion that limits the authority granted the agent.
For example, under real estate transactions, when the principal checks that line, the agent is granted unlimited authority to act, including sell, the real estate property of the principal. As a general rule, the agent in a power of attorney can sell property and change ownership for as long as the
But the principal has the power make insert changes in the modifications portion of the power of attorney. This is where an attorney becomes useful.
An attorney can write, in the modifications portion, that the agent only has the right to buy but not sell in the principal’s name. In the modification portion, the power granted to the agent can be limited or expanded, as the principal desires.
The modifications portion is unlimited as the creativity of the attorney can provide. For this reason, it is important to have an experienced attorney well-versed in powers of attorney to help you draft this document. Should you need assistance, we at the Law Offices of Albert Goodwin are here for you. We have offices in New York City, Brooklyn, NY and Queens, NY. You can call us at 212-233-1233 or send us an email at [email protected].
About the Author
Albert Goodwin Esq. is a licenced New York attorney with over 17 years of courtroom experience. His extensive knowledge and expertise make him well-qualified to write authoritative articles on a wide range of legal topics. He can be reached at 212-233-1233 or [email protected].
