A new Power of Attorney has been implemented by the New York State Legislature that goes into effect on June 13, 2021. The “old” New York State Power of Attorney has been a thorn in the side of many legal practitioners and lay people alike. It was designed to protect people from abuse by agents, but at the same time had some requirements that made it challenging to use for legal practitioners and even more difficult for those it was designed to protect. A few highlights of the new Power are below
First, the new Power of Attorney document loosens some of the most onerous and confusing restrictions like the separate Statutory Gift Rider for gifts made in an amount over $500.00 and allows the Principal (the person granting the Power) to nominate a guardian in the modifications section if it should become necessary. Second, it also allows protects those who have made a good-faith acceptance of an acknowledged Power of Attorney. Third, the law now requires that the acknowledgement be signed in the presence of two witnesses; however, it does allow a third party to sign on behalf of a Principal who has mental capacity, but is physically unable to sign the Power of Attorney.
All Powers of Attorney that were created prior to the effective date of t he new Power of Attorney, June 13, 2021, are still effective. I have attached a link to the NYSBA link for Frequently Asked Questions. If you have any additional questions about the new New York State Power of Attorney, please contact my office at [email protected] or 212-939-7548. Please note that a text sent to the preceding number will result in the quickest response.
