A new law governing New York Powers of Attorney was signed
by Governor Paterson to become effective on September 1, 2009.
In summary, the new Power of Attorney statute:
1 - Requires the signature of the principal (you) and your
agent (the person(s)
you appoint);
2 - Further clarifies the powers delegated to your
agent;
3 - Necessitates either a "major gifts" rider or a
separate "gifts document" to
detail the authority
given to your agent to make gifts and transfer assets;
4 - Allows your agent to review and pay medical bills
under the HIPAA laws;
and
5 - Provides you with the option to appoint a third
party to supervise the
transactions made by your
agent.
We encourage you to update your New York Power of Attorney.
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