Sep 30, 2009

Will Florida Follow New York POA Law?

Taking aim at financial abuse of the elderly, New York State has beefed up its Durable Power of Attorney law. Under the new statute, the designated agent is required to acknowledge his/her responsibilities by signing the Durable Power of Attorney along with the principal, and having his signature notarized. The new law also gives the creator the right to appoint a monitor - for example, a trusted financial advisor - to oversee the agent's activities. If the new law meets with success in New York, I would not be surprised if Florida and other states follow suit.

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