On September 1, 2009, the State of New York’s new power of attorney law went into effect. It has several new provisions and although a power of attorney signed before September 1, 2009 remains valid and generally accepted, some institutions including banks, stock brokers and title companies have indicated reluctance to accept the old form.
Among the requirements are:
- The person you have chosen to act as your agent must sign the power of attorney before a notary,
- You must sign a separate “major gifts rider” to give the agent the right to make gifts of $500.00 or more,
- You may designate a “monitor” to oversee the activities of your agent.
These are just a few of the important changes this new law has established. Even if you have a power of attorney, you should consider having a new one prepared.
Do not wait until it’s too late. The last thing anyone wants in a time of crisis or need is to fight with someone over the validity of a form. The cost of one of these institutions refusing the old form generally far outweighs the cost of executing a new one.
If you have any questions regarding this or any other legal issue always feel free to contact us.
Very truly yours,
THOMAS J. KEEGAN, JR.
Keegan & Keegan, Ross & Rosner, LLP
147 N. Ocean Avenue
Patchogue, New York 11772