On June 13th of 2021 the new power of attorney form in New York went into effect. This form does not make older powers of attorney obsolete. However, all powers of attorney executed after June 13, 2021 must be on this new form.
Action To Be Taken If Bank Doesn’t Accept It
Under the terms of this new power of attorney, if a bank or other financial institution refuses to accept it, a law suit can be brought against the bank. If the court finds in your favor that the bank improperly rejected the power of attorney, the court can award financial monetary damages as well as your attorneys fees.
The basic statutory gifting amount has been increased from $500 per year to $5000 per year. There is no specific statutory rider requirement in effect in New York with regard to powers of the agent to make gifts.
Agent’s Duties
The agent must maintain records when he or she uses the power of attorney on behalf of the individual who made the power of attorney. An agent must keep a record of all transactions conducted for the principal or keep all receipts of payments and transactions conducted for the principle.
The agent will be considered a personal representative of the principal for health care matters. Health care plans and healthcare providers must provide the agent with the necessary information needed to determine the legitimacy and accuracy of all financial charges and expenses for health related services.
Elliot S. Schlissel is a member of the National Academy of Elder Law Attorneys. He has been working with seniors for more than 30 years.
Elliot S. Schlissel, Esq. is the managing partner of Schlissel DeCorpo LLP. The law firm represents clients in all aspects of wills, trust and estates in estate cases. He can be reached for a free consultation at 800-344-6431 or e-mailed at Elliot@sdnylaw.com.
