Ninette Bordoff, of Thompson Coburn LLP, has made available for download her article, What you need to know about recent changes to New York’s power of attorney law, published in JDSUPRA. The abstract is as follows:
It is important for every adult to include a power of attorney (“POA”) as part of one’s financial and estate planning documents. In the absence of a power of attorney, unless an individual’s assets are jointly held or held by a trust, no one would be authorized or able to handle that individual’s financial affairs if he/she were to be incapacitated. An expensive and protracted court proceeding to appoint a guardian would then become necessary.
Posted by Josh Saret, Associate Editor, Wealth Strategies Journal.