Posts by pwsadmin

Even if the POA does not follow the statutory form, you can still agree to the agent’s authority. Non-statutory POA agency relationships are created all the time for specific purposes (real estate agent contracts come to mind). The POA law is designed to prevent the third party from denying the agent’s authority, not to stop…

When drafting a statutory POA under the new law, drafters need to include any modifications that would be helpful for the client’s goals. Here are a few of the most common modifications: Immediate Authority or Authority in the Future? – One of the most common modifications to a POA is to require some event to…

The new laws have strengthened the procedures for enforcement of a valid statutory POA. There are also new provisions that encourage third parties to accept a statutory POA without court intervention. To encourage acceptance of a valid statutory POA, the new law provides that a third party may rely upon: A good faith belief that…

The new law changed the wording of the statutory POA, the authority granted by the document, and even changed the execution requirements for a valid POA. Agent’s Ability to Act (NY GOL §5-1502D & NY GOL §5-1513) Under the old statutory POA, when a principal appointed more than one agent, the default rule was that they…

What is the Effective Date? Beginning on June 13, 2021, Power of Attorney forms should follow the new statutory form and are subject to the new rules regarding execution and formatting. Powers of Attorney signed before June 13, 2021, using the old form, are still valid. They are not required to follow the new execution…