Effective June 13, 2021, the Power of Attorney you sign must be this new legal document

WHAT YOU NEED TO KNOW

Changes to the Power of Attorney document:

• The Statutory Gifts Rider has been eliminated
  
• Gifting will now be permitted by your Agent up to $5,000
  
• Two witnesses and a notary are required to execute the Power of Attorney; the notary can be one of the witnesses
  
• Third parties, such as banks and other financial institutions, must accept or reject your Power of Attorney within 10 days of submission
  
• If rejected, the institution must provide a valid reason in writing
  
• Banks/financial institutions cannot require their own Power of Attorney document
  
• Third parties who unreasonably refuse to accept a Power of Attorney can be sued and you can be awarded damages and attorney fees
  
• Sections of the Power of Attorney that do not apply and which you do not sign or initial may be omitted
  
• Exact wording in the legal document is no longer required; substantial conformance will suffice
  

Does Everyone Need a New Power of Attorney?

• If your Power of Attorney was properly executed and in compliance with the law at the time it was signed, you do not need a new Power of Attorney.
  
• The new Power of Attorney has extra protections for consumers and the public (see above) so you may want to decide when to update.
  
• If your Power of Attorney is more than 2 years old, or if other circumstances have changed in your life or in your agent’s or beneficiaries’ lives, such as retirement or retirement planning, changes in health condition or care needs, births, deaths, divorces, marriages, etc., it is a good time to review your estate planning documents to make this and any other necessary updates.
  

Make an appointment with Cona Elder Law to receive the new Power of Attorney and leave with your legal document in one visit!

When: Friday, June 18th: 9:00 AM – 5:00 PM & Saturday, June 19th: 9:00 AM – 3:00 PM

Why: New York passed a law making substantial revisions to the statutory form of Power of Attorney. Effective June 13, 2021, the Power of Attorney you sign must be this new legal document.

Where: Cona Elder Law: 225 Broadhollow Road, Suite 200 Melville

Cost: $500 per Power of Attorney

Appointments Must be Made in Advance: Contact Janet Russell at 631.390.5000 or jrussell@conalaw.com