NEW YORK, May 25, 2021 (Newswire.com) - Blumberg announces an important update to their New York State Power of Attorney Forms. This update complies with amendments to the Power of Attorney Statute that takes effect June 13, 2021. For over 100 years courts have relied on Blumberg Powers of Attorney forms. The distinctive boilerplate and usage in countless transactions have become the trusted choice of attorneys and the financial, real estate, business, and healthcare communities.
The changes to the existing law are meant to simplify a very complex area of law. They will make it easier for everyone involved in a transaction that includes a power of attorney to comply with the law.
- The new forms do away with the "Statutory Gift Rider" provision and permit such gifts to be included within the form itself.
- The amount permitted to be given by the designated agent is increased from $500.00 to $5,000.00 annually.
- The amendment permits a third party to sign on behalf of a principal who is unable to sign on his/her own behalf, so long as the person signing has been directed to do so by the principal.
- The statutory form is required to be accepted by banks and other financial institutions. whereas previously such institutions could impose their own rigid requirements and standards of acceptance. Now, any institution which unreasonably delays/refuses to uphold or act upon a duly executed form may be subject to sanctions by a court.
- Under the amended law, the powers of attorney forms need not contain language that is identical to the statutory form, so long as they substantially conform to that language.
These changes will make it easier for individuals to appoint an attorney, for the attorney to act upon the power and for the recipient to rely on the validity of the power of attorney. However, it will also require a knowledgeable professional to adhere to the basic requirements. It also requires that great care be taken to ensure that the form's execution is made properly and with the principal's knowledge and consent.
Form 44 - Statutory, durable, without affidavit of attorney, 6-21, 5 pp,
Form 49 - Statutory form, durable, modified, effective at a future time, with affidavit of attorney, 6-21, 7 pp.
Form 51 - Statutory form, durable, with affidavit of attorney, 6-21, 7 pp.
Blumberg printed forms are available from office products dealers and Blumberg:
Form M44 - Statutory, durable, without affidavit of attorney, 6-21, 5 pp.
Form M51 - Statutory form, durable, with affidavit of attorney, 6-21, 7 pp.
BlumbergExcelsior, Inc., established in 1887, is a leading vendor of legal products, corporate kits, and services used by the legal profession, business world and consumers.
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