Archive for March, 2010

Practicioners who have dealt with the New Statutory Short Form Power of Attorney and accompanying Statutory Major Gifts Rider (SMGR) are well versed in the many issues and problems they come with.  However, there is hope on the horizon, as New York State Bar Association (NYSBA) President Michael E. Getnik has established a Working Group on the Power of Attorney Form to address these many issues.

The Working Group is in the process of drafting revisions to the POA Form which include:

  1. Elimination of the presumption of revocation
  2. Excluding most business, commercial and real estate transactions
  3. Elimination of the Statutory Major Gifts Rider (SMGR)

Currently, nine sections of the New York Bar have representatives on the Working Group and we are hopeful that the legislature will work with the Working Group to modify the POA Forms.

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