New York State has passed a new power of attorney law that greatly alters the old one. Only one form is now needed, with a second form required for Major Gifting called a Statutory Major Gift Rider (SMGR).
The term "attorney-in-fact" has also now been replaced by "agent" because specific fiduciary responsibilities have been outlined which require the agent to act in the best interests of the principal.
The law also dictates that this new form is "durable" thus meaning that it is not effected by future incapacity. This new law is meant to simplify the power of attorney process, and will hopefully serve to do so.
Joseph A. Marra
A graduate of both St. John's School of Law and NYU School of Law, Mr. Marra has been a practicing attorney for over 25 years. In addition to prestigious honors that include being listed in Who's Who in American Law, Mr. Marra has recieved multiple appointments from the New York State Supreme and Surrogate Courts. These impressive credentials aside, Mr. Marra is highly sought after by clients and colleagues because of his integrity.
