You may have heard about the new power of attorney legislation that became the law in Pennsylvania in July. If you have executed a power of attorney or are thinking about executing a power of attorney, you may be wondering how that legislation affects you.
Some of the changes made by the law, such as protecting banks from liability, were effective immediately. Other changes, such as changes to the Notice and Acknowledgement parts of the power of attorney will become effective January 1, 2015. Almost every day, new articles appear and professional meetings are held as the various communities such as banks, lawyers and others concerned with estate planning and elder affairs consider the interpretation and implementation of the changes.
If you have a properly executed power of attorney, your power of attorney is valid and will remain valid even after all of the new changes take effect.
Under any circumstances, you should always look at your estate planning documents every few years, or when you have major changes within your family, to ensure that they still reflect your wishes.
Continue Reading Understanding the Changes for Powers of Attorney in Pennsylvania
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A Power of Attorney is a document in which a principal appoints an agent to transact a variety of duties. The "principal" makes the appointment. The "agent" is the person appointed (also called an "attorney-in-fact" or "power of attorney").