In the midst of all the financial turmoil,recession, and uncertainty sweeping our state and our country, it often seems as if there arent many things of which you be ceratin anymore. But now, there’s at least one. This year, the legislature did a SWEEPING overhaul of the law regualting Durable Powers of Attorney. Bottom Line: You need to understand these docvuments. And – sorry to be the messenger – you need a new one.
Not Since 1995 has the legistlature made such sweeping changes to the Durable Power of Attorney law. Effective October 11, you can no longer give a blanket power of attorney to your agent. Every single act must now be specifically delineated.
In practice, this already the case in some specific situations. But now it will be the law – abd there’ll be no getting around it. And while the old powers of attorney (executed before October 11) are still “valid, you can be sure that institutions and others (NOTE: I THINK WE NEED TO SPECIFY WHAT WE MEAN BY “OTHERS.”) are going to demand that the multitude of protections – as well as the new drafting and excution requirements – be delineated in the new statute. Why? Because the new law applies to the old documents.