Aunt Gertrude may wish to appoint her niece, Milly, as the agent on her Power of Attorney document. If she does so after January 1, 2015; they will both find out that many things have changed.
There have been fundamental changes to the way the Power of Attorney operates in Pennsylvania; such as changes in duties, changes in gifting, changes in potential liability, and changes in definitions of simple phrases like “good faith.” These changes affect both the agent and the ones accepting or rejecting a power of attorney document.
If you have a power of attorney document in place, you should consider contacting your attorney to see if he or she is up to speed on the changes. If they are, then visit with your attorney to update your document according to the new law. If they are not or your attorney says something like “The changes? Oh, the changes. Yes, well that depends. . .” then you need to find an attorney who routinely works in estate planning to assist you. The new Power of Attorney law, Act 95, has many people, including this writer, concerned.
Please contact Mateya Law Firm to help you with your estate planning needs, including the Power of Attorney document.
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