Effective June 13, 2021, the New York State Statutory Short Form Durable Power of Attorney will be changing, both substantively, and with regard to execution requirements.
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With regard to execution requirements, the most important change is that the Principal’s (person giving the power of attorney to someone) signature must now be witnessed by two disinterested witnesses, in addition to the notarization requirement. This is similar to the execution requirements for a last will and testament in New York, and also mirrors what the execution requirements had been for the Major Gifts Rider to a Power of Attorney, which is being eliminated, as discussed below.
The most important substantive change is that Major Gifts Rider is being eliminated, in favor of including specific modifications in the Power of Attorney document itself. Rather than having a separate document which details the specific gifting abilities and limitations for an Agent (the person being appointed as power of attorney), those terms will now be detailed within the Power of Attorney itself.
Use of the new power of attorney form has no effect on previously executed powers of attorney. If your power of attorney was validly and properly executed at the time it was done, it will continue to be effective, and there is no need to redo the document. However, any changes to an existing document will need to utilize the new form going forward.
Given the new revisions to the power of attorney, and our gradual emergence from the COVID pandemic and restrictions, now is a good time to revisit your estate plan or put these documents in place for the first time.
Contact us today to learn how our team of attorneys can help you plan for your future. Call us 24 hours a day, 7 days a week, at (888) 529-4543 or info@tullylegal.com.
