By: Steven A. Loeb
New York Bill A.8120-B/S.6501-A, which proposes to reform the New York standard form of Power of Attorney, passed the New York Assembly and has been introduced in the New York Senate.
In response to the hardships and difficulties triggered by the current form of Power of Attorney, the New York Bar Association created a Power of Attorney Task Force in spring of 2015. According the their 2016 report, the Task Force determined that reform is necessary with regard to the New York form of Power of Attorney for many reasons; one of said reasons is quite simply that the form is “too complex and prone to improper execution”. Another finding cited in the report is that there can be “severe and significant repercussions if defect(s) in the forms’ preparation and signing are not discovered until after the principal suffers an incapacity” and the Task Force recommends to “eliminate the complicated POA and SGR and revert back to a simpler document.”
In addition to simplifying the POA form, the Task Force recommends allowing courts to impose sanctions for financial institutions and others who unreasonably refuse to accept a valid Power of Attorney, a remedy that has already been adopted in other states. While there is some opposition to the above bill, it would behoove New York residents to simplify the New York power of attorney forms.
For more information please contact via email Steven A. Loeb, Esq. or by phone at 973-538-4700 ext. 229.
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