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New Yorkers Get Durable POA Protections: Will Florida Follow?
09-30-2009 - With financial abuse of the elderly on the rise, Florida and other states may be taking a closer look at the new, beefed-up Durable Power of Attorney law enacted recently by New York State. New York now requires the agent who is being appointed to acknowledge his/her fiduciary responsibilities by signing the Durable Power of Attorney. Previously, only the document's creator had to sign. Both signatures must be notarized. The new law also permits the principal to appoint a third party - for example, a financial advisor, attorney or other trusted person - to oversee and monitor the agent's activities. While such oversight may slow down the agent's ability to act should the principal become disabled, it also provides the principal grerater protection from unscrupulous agents and potential financial abuse. The Karp Law Firm will of course notify its clients if and when the Florida law is modified. |
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