In 2009, New York lawmakers significantly revised the requirements for powers of attorney. These changes affected both the technical nature of the documents as well as the nature of the legal duties involved. Some highlights include:
- Consent and Signature: Previously, only the principal (person making the power of attorney) was required to sign this document. Now, both the principal and agency (attorney in fact) must sign. This requirement helps ensure that everyone is on the same page.
- Large Grants: Any financial gifts or power designations well beyond the scope of a normal power of attorney must be memorialized in a separate, will-like document, known as an SMGR (statutory major gift rider).
- Fiduciary Duties: Once again to make sure everyone is on the same page, New York powers of attorney now specifically set forth some of the agent’s fiduciary responsibilities. SOme examples include recordkeeping responsibilities and a clear statement that, unless otherwise specified, the agent serves without compensation.
A fiduciary duty is one of the highest legal responsibilities in New York law. It requires people to set aside all other priorities and only do what is best for the other party. Agents have a fiduciary duty toward their principals and doctors have a fiduciary duty towards their patients.
Preparing and Executing Documents
Frequently, estate planning matters involve a choice between the convenience of internet document preparation and the peace of mind of attorney preparation. The Dilendorf Law Firm’s secure online cabinet combines both these features.
Cloud-based document preparation gives you more control over the provisions in complex documents like powers of attorney. You can focus on end-of-life matters or on financial matters, or both.
Security is not a problem either, even if you are working on an open WiFi connection in a coffee shop. Our robust safety system frustrates even the most experienced hackers.
As you prepare your documents, you are never alone. Our professional team is always available to answer your questions and respond to your comments. We also help you prepare other documents in your estate planning portfolio.
A power of attorney prepares you and your family for some later-in-life inevitabilities. For a confidential consultation with an experienced estate planning lawyer in New York, contact Dilendorf, PLLC.
New York Powers of Attorney
Dilendorf Law Firm
60 Broad Street, 24th Floor,New York,New York-10004,
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The New York estate planning lawyers at the Dilendorf Law Firm use state-approved methods to prepare power of attorney documents. As a result, the paperwork is easily identifiable and enforceable in almost every corner of the Empire State and nearby jurisdictions.