Estate planning is a broad legal topic that covers many different tools to help individuals prepare for the future and the disposition of their assets at the time of their deaths. One important legal device that many New Yorkers include in their estate plans is a power of attorney document. Recently, the state of New York updated the laws concerning powers of attorney and this post will highlight one of those updates. As with all posts on this legal blog, readers are reminded that no legal advice is provided herein. All questions about powers of attorney and other estate planning matters can be directed to trusted estate planning and administration lawyers in New York.
Directed signatures for individuals with disabilities
One of the updates that changes prior power of attorney laws is a provision that allows a disabled individual to direct someone else to sign for them on their power of attorney document. Previously, an individual had to sign their own power of attorney, and this created challenges for those who are unable to perform such a task.
No more Statutory Gift Rider
Prior to the recent updates, individuals who wished to convey the ability of their agents to give gifts required the execution of a separate Statutory Gift Rider in addition to the power of attorney. Now, all gift provisions may be included in the power of attorney without the additional rider.
These are only a few of the updates that New York has enacted to simplify the process of drafting and executing a power of attorney in the state. Readers who are interested in these changes and how they may impact their existing power of attorney documents should contact their lawyers for counsel and advice. Those who have not executed powers of attorney may wish to also contact their estate planning attorneys for guidance on how to execute powers of attorney and other important estate planning documents.