New York – December 7, 2020
New York probate and estate planning matters can be complex without the assistance of an experienced probate attorney who can guide individuals through every facet of the applicable laws. In December, Governor Cuomo signed New York Assembly Bill A5630A as a simplification measure to the execution of power of attorney processes. This is an amendment reforming powers of attorney for financial and estate planning, and to repeal some provision of law relevant to statutory gift riders and may affect estate property transfer.
Durable power of attorney.
New York State’s Durable Power of Attorney is a document where one person can choose another person to act on their behalf for business and financial matters when situations arise that they cannot, or do not want to act for themselves. There is no requirement that says the Principal must be incapacitated in order for the Agent to act. The person who designates another individual is called “the Principal” and the person acting on their behalf is referred to as “Agents.” Once the document is signed by both, the Principal and the Agent have the power, concurrently, to transact all business that the Power of Attorney allows. Estate planning attorneys can outline this new law that includes both a statutory short form and a non-statutory power of attorney form in New York.
The new law removes the requirement for the principal to execute a separate statutory gifts rider because any powers that are granted to the agent will now be included within the power of attorney document under the modifications section. An agent may give up to $5,000 per year on behalf of a principal even if the documents fails to include the power to gift. When instances arise where the principal is unable to initial, or sign the document, the principal may direct a third party to do so in the presence of the principal. Attorney Ron Meyers can answer questions as to how the new law affects estate planning and probate actions.
The importance of consultation with legal professionals surrounding estate planning and probate action in New York is two-fold. If an individual lays all out their wishes in a clear and concise manner, probate matters should be less problematic when disputes arise. An estate planning attorney can be of assistance in this regard.
Hire an attorney.
Disputes can often occur between named beneficiaries and executors of estates, but when disputes over legal power of attorney documents are encountered Attorney Ron Meyers may be instrumental in smooth probate administration in New York Surrogate Court.
Ron L. Meyers & Associates, PLLC
Address: 475 Park Avenue South, Suite 2100
Manhattan, NY 10016