Change to New York Power of Attorney Form

On January 27th of this year, New York changed its law regarding the requirements necessary to have a valid financial power of attorney. Some the more important changes include:

1. Two people must now witness the Grantor's signature;
2. The agent must now sign the power of attorney and have his/her signature notarized;
3. If you want your agent to make gifts for tax planning (or any other purpose), you must execute a Major Gift Rider; and
4. You may now have an independent person act as a monitor for the agent.

These changes become effective September 1, 2009. (NOTE - Original bill noted an effective date of March 1.)

Thanks to the Wills, Trusts & Estates Professor Blog for bringing this to my attention. Thanks to Frank Farkas of the Jewish Association for the Aged for bringing the change of the effective date to my attention.