New Laws for NYS Power of Attorney

The long-awaited changes to the POA form promise to ease barriers that the old form presented for New Yorkers planning for the future.

Here are the noteworthy changes:

• Eliminating the requirement for a separate Statutory Gifts Rider, which had led to many issues with regard to the validity 

• Allowing for minor language or formatting variations, rather than declaring the entire document invalid

• The new law allows a principal to direct someone in their presence to sign a Power of Attorney on their behalf (a critical tool available to scores of physically disabled New Yorkers who retain their mental capacity but are physically unable to sign)

• Authorizing substantial fines on financial institutions and others that fail to honor a valid Power of Attorney.

Is your POA up to date  Would you  like to know more? Contact us at:

https://kmckernanlaw.com/contact-us/