The importance of handing over the power of attorney has risen, especially in the recent times of the pandemic. Specifically, senior citizens are struggling with managing their health and resources. This is where the power of attorney steps in.
In the time when the nursing home facilities need quick and durable responses to the crisis, the “short form” power of attorney can simplify the process for the citizens.
The Most Recent Power of Attorney Bill (June 13, 2021)
Gov. Cuomo signed a new power of attorney bill on December 15, 2020, which came into implementation on June 13, 2021. The intent was to make it easier for senior citizens to create and sign the power of attorney.
Furthermore, the bill has elevated the gift-to-loved one’s dollar amount from $500 to $5,000 during the period of incapacity.
Less Hassle and Delay for Power of Attorney
The new bill decreases the chances of giving the citizens a hard time in banks for receipts since there is a legal presumption that the document is valid.
Also, you’re not bound to the usage of a specific language unless your document conforms to the required wording.
Moreover, the new bill for the power of attorney protects the individuals from liability in the event of future agent wrongdoing.
Power of Attorney Gifts Process
If you want to allow your agent to make gifts to loved ones in your event of incapacity, the new bill has your back.
Contact a Knowledgeable Attorney
If you want any further information and assistance in this regard, feel free to contact Keystone Asset Protection and Estate Planning today. A knowledgeable estate planning attorney is all you need in this crucial time.