Archive for August 2009

MAJOR CHANGES TO NEW YORK POWERS OF ATTORNEY

August 17, 2009

A new law concerning New York powers of attorney becomes effective September 1, 2009. There are several major changes affecting the content and the execution of the power of attorney form:

1. AGENTS’ SIGNATURES: The form must be signed, dated and notarized, not only by the person making the appointment, but also by the agent being appointed.

2. GIFT RIDER:    To authorize the agent to make gifts, gift-giving authority must be initialed by the principal (person who signs a power of attorney) and accompanied by what is called a Statutory Major Gifts Rider (SMGR), which must be acknowledged and witnessed by two witnesses in the same manner as the execution of a will. Only small gifts of not more than $500 each per calendar year to individuals and charities, which continue a custom of the principal, can be made by the agent without a SMGR.
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