N.Y. GOB. LAW § 5-1502G : NY Code - Section 5-1502G: Construction--estate transactions

In  a  statutory short
  form power of attorney, the language conferring general  authority  with
  respect  to  "estate  transactions, " must be construed to mean that the
  principal authorizes the agent:
    1. To the extent that an agent is permitted by law thus to act  for  a
  principal,  to  apply  for and to procure, in the name of the principal,
  letters of administration, letters testamentary, letters of trusteeship,
  or any other type of authority, either judicial  or  administrative,  to
  act as a fiduciary of any sort;
    2.  To  the extent that an agent is permitted by law thus to act for a
  principal, to represent and to act for the principal in all ways and  in
  all  matters  affecting  any  estate  of a decedent, absentee, infant or
  incompetent, or any trust or other fund, out of which the  principal  is
  entitled,  or  claims  to be entitled, to some share or payment, or with
  respect to which the principal is a fiduciary;
    3. Subject to the provisions of paragraph (c) of section 2-1.11 of the
  estates, powers and trusts law, to accept, to  reject,  to  receive,  to
  receipt  for, to sell, to assign, to release, to pledge, to exchange, or
  to consent to a reduction in or modification of, any share in or payment
  from any estate, trust or other fund;
    4. To demand, to obtain by action, proceeding or otherwise any  money,
  or other thing of value to which the principal is, or may become, or may
  claim  to be entitled by reason of the death testate or intestate of any
  person or of any testamentary disposition or of any trust or  by  reason
  of  the administration of the estate of a decedent or absentee or of the
  guardianship of an infant or incompetent or the  administration  of  any
  trust  or  other  fund, to initiate, to participate in and to oppose any
  proceeding, judicial or otherwise, for the ascertainment of the meaning,
  validity or effect of any deed, will, declaration  of  trust,  or  other
  transaction  affecting  in  any  way  the  interest of the principal, to
  initiate, to participate in and to oppose any  proceeding,  judicial  or
  otherwise, for the removal, substitution or surcharge of a fiduciary, to
  conserve,  to invest, to disburse or to utilize anything so received for
  purposes enumerated in this section, and to reimburse the agent for  any
  expenditures  properly  made  by  him  in  the  execution  of the powers
  conferred on him by the statutory short form power of attorney;
    5.  To  prepare,  to  sign,  to  file  and  to  deliver  all  reports,
  compilations  of  information,  returns  or  papers  with respect to any
  interest had or claimed by or on behalf of the principal in any  estate,
  trust,  or other fund, to pay, to compromise or to contest, and to apply
  for refunds in connection with, any tax or assessment, with  respect  to
  any  interest  had  or  claimed  by or on behalf of the principal in any
  estate, trust or other fund or by reason of the death of any person,  or
  with respect to any property in which such interest is had or claimed;
    6. To agree and to contract, in any manner, and with any person and on
  any  terms,  which  the  agent may select, for the accomplishment of the
  purposes enumerated in this section, and  to  perform,  to  rescind,  to
  reform,  to  release, or to modify any such agreement or contract or any
  other similar agreement  or  contract  made  by  or  on  behalf  of  the
  principal;
    7.  To  execute,  to  acknowledge,  to verify, to seal, to file and to
  deliver any consent, designation, pleading,  notice,  demand,  election,
  conveyance,  release,  assignment,  check,  pledge, waiver, admission of
  service, notice of appearance or other instrument which  the  agent  may
  think useful for the accomplishment of any of the purposes enumerated in
  this section;
    8.  To submit to arbitration or to settle, and to propose or to accept
  a compromise with respect to any controversy or claim which affects  the

  estate   of   a  decedent,  absentee,  infant  or  incompetent,  or  the
  administration of a trust or  other  fund,  in  any  one  of  which  the
  principal  has,  or  claims  to have, an interest, and to do any and all
  acts  which  the  agent  shall  think  to  be  desirable or necessary in
  effectuating such compromise;
    9. To hire, to discharge, and to compensate any attorney,  accountant,
  expert  witness  or  other assistant or assistants, when the agent shall
  think such action to be desirable for the proper execution by him of any
  of the powers described in this section, and for the keeping  of  needed
  records thereof; and
    10.  In  general,  and  in  addition  to all the specific acts in this
  section enumerated, to do any other act or acts, which the principal can
  do through an agent, with respect to the estate of a decedent, absentee,
  infant or incompetent, or the administration of a trust or  other  fund,
  in  any  one of which the principal has, or claims to have, an interest,
  or with respect to which the principal is a fiduciary.
    All powers described in this section shall be exercisable equally with
  respect to any estate of a decedent, absentee, infant or incompetent, or
  the administration of any trust or other fund, in which the principal is
  interested at the giving of the power  of  attorney  or  may  thereafter
  become interested, regardless of whether the estate, trust or other fund
  is  specifically  identified  at the giving of the power of attorney and
  whether located in the state of New York or elsewhere.