CHANGES COMING TO NEW YORK STATE POWER OF ATTORNEY FORMS?
Tuesday, May 10, 2016, 11:00:00 am
The New York Power of Attorney statute has undergone many changes since 2009. What was once a one page form can now easily be a four to ten page form.
Currently proposals have been submitted to again revise the Power of Attorney forms to make the form more understandable and decrease the chance of an improper completion of the form.
Although changes would be welcome, waiting for changes to occur could present problems. An individual might be able to sign the current form of the Power of Attorney today but may not have capacity to sign a new Power of Attorney form in the future if changes are approved.
The old adage holds true, do not put off until tomorrow what can be done today. It would be better to have a plan in place that can be modified then to wait with the hope that a better plan will be available in the future.
If you would like more information on the proposed changes to the Power of Attorney forms or other issues relating to your estate plan, call or e-mail John F. Leone, Esq.