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NEW New York Statutory Power of Attorney (Effective 9/12/10) Full Force and Effect Affidavit and Statutory Major Gifts Rider (10 Pages)

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Description

This new form, pursuant to General Obligations Law Article 5, Title 15, replaces current Durable Power of Attorney and Short form Non-durable Power of Attorney and MUST be used for POAs executed after August 31,2009.  POAs executed prior to September 1,2009 will continue to be valid.

To be effective, this durable Power of Attorney  must be signed, dated and duly acknowledged not only by the Principal but now also by the designated Agent or Agents on the page following outline of fiduciary duties of agent. The document becomes effective after all parties have executed it.

Execution of this document can revoke existing prior POAs. Written notice of revocation should be provided to prior agents and financial institutions where accounts are located. The new POA  is durable and survives incapacity of the Principal. It can be revoked for any reason by the Principal so long as he or she is of sound mind.

This document gives the Principal the option to designate a Monitor as well. The Monitor shall have the authority to request, receive and compel the Agent as well as third parties such as escrow agents to provide records of all receipts, disbursements and transactions entered into by the Agent.

Generally, the Agent does not receive compensation for services rendered (other than reimbursement for reasonable expenses) unless the Principal checks authority for “reasonable compensation” which can be even further expanded in Modifications section (g).

A bracket is initialed at each authority granted or letters identified at (P).  Real Estate transactions authority should include A, D, H, M. The packet contains the familiar Full Force and Effect Affidavit executed by the Agent before a Notary at the Closing.

The most significant change in this POA is the Statutory Major Gifts Rider (SMGR) which must be executed by the Principal to grant Agent unlimited gift giving power.  Like a Will, this rider must be signed in front of two witnesses. It must also be notarized. A separate Health Care Proxy is still required for health care decisions.

Author:

CLAIRE SAMUELSON MEADOW, Esq. is in the private practice of law, concentrating in real property transactions. In addition, she works on title matters as a consultant, attorney and representative for a New York based title agency. She is the author of numerous real estate articles distributed to lawyers, and she has appeared on the General Practice “Hot Tips” panel at the New York State Bar Association’s Annual Meeting. Recently, she has been presenting Continuing Legal Education-credit programs on real estate and title matters to the Westchester County Bar Association, the New York County Bar Association and the National Law Foundation. Mrs. Meadow authored the residential real property chapters of the New York Lawyer’s Deskbook and Formbook for more than 12 years.

Before entering private practice, Mrs. Meadow was a staff attorney in the Enforcement Division of the Securities and Exchange Commission’s New York regional office. She is a Phi Beta Kappa, cum laude graduate of Hunter College, Class of 1959, and a graduate of Columbia Law School, Class of 1962, where she was a recipient of a Moot Court Scholarship.

Mrs. Meadow is listed in Who’s Who in American Women and Who’s Who in American Law. She is a recipient of a Westchester County Woman of Achievement Award and a Certificate of Special Congressional Recognition from Congresswoman Nita M. Lowey for “outstanding and invaluable service to the community.”

Mrs. Meadow was a founding member of the New York State Women’s Bar Association, Westchester County, and its first recording secretary. She is also a member of the New York State Bar Association, Real Property Committee; the Westchester County Bar Association; and the New Rochelle Bar Association.

Don’t think this attorney has a narrow horizon. She chaired the Westchester Women’s Bar Association Annual Golf Outing for six years causing it to become such a popular community event that, in some years players had to be turned away.

Mrs. Meadow welcomes inquiries by new lawyers and general practitioners concerning basic real estate or title matters. She may be contacted at 914-834-6472.


 

 

 

 

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