Did you know that the Pennsylvania legislature enacted significant changes to the Pennsylvania Power of Attorney laws? Some of the new changes are effective immediately and some are effective as of January 1, 2015.
A few highlights to the new changes:
- Revised execution requirements
- Changes to the required notice on the front page
- Requirements that certain powers must be specifically granted and are otherwise waived
- The duties of the Agent (or Attorney-in-Fact) were revised
- Certain duties of the Agent can be waived or modified by the document
- Gifting powers have been redefined
- Third party protections were broadened
What does this mean for our clients? Your current Power of Attorney is still valid, BUT now is a good time to take a good hard look to make sure that it accomplishes all of your goals. Truth be told, an update in the new year is a pretty good idea. If you don’t yet have a Power of Attorney, think about getting one. We can walk you though it.