In New York, a power of attorney generally does not have a time limitation. Once executed, it is presumed to be durable and valid until revoked. It is durable in the sense that its effectiveness continues despite the loss of capacity of the principal. It is valid until revoked, which means it does not expire. The power of attorney can also be terminated upon written resignation of the agent to the principal, with written notice to third parties who have relied on this power of attorney.
However, a power of attorney may be modified depending on the unique circumstances of each principal and agent’s case. Some principals usually direct the expiration of a power of attorney either after a particular period of time or the happening of an event. For example, some principals direct the grant of powers in a power of attorney only for a specific project or transaction, such as the sale of specific real property. For others, the power of attorney is limited for a specific period, for example, while the principal is overseas under a 3-year contract.
Above are only examples of how powers of attorney can be limited in terms of time. When limiting powers of attorney that deviate from the general presumptions, such as durability and non-expiration, an attorney must clearly write these deviations in the modifications portion.
Providing an expiration or time limit in a power of attorney and adding other forms of modification usually require the assistance of an attorney.
When granting vast powers to an agent, it is important to always seek the counsel of an attorney who can guide and explain to you the consequences of your actions. An experienced attorney can help you modify the statutory form to provide protections to the principal, especially in cases of agent abuse of such power.
As a general rule in New York, a power of attorney does not expire unless revoked by the principal or the agent resigns. However, modifications may be made to the statutory form to provide time limits to the power of attorney.
Should you need assistance in POA drafting, 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].