A new Power of Attorney (POA) law goes into effect June 13, 2021
A new Power of Attorney (POA) law goes into effect June 13, 2021. A POA is an important durable legal document which protects your personal and business affairs by appointing an Agent to act on your behalf concerning your financial and legal matters. It is effective even if you later become mentally incompetent.
There are significant changes to the new POA law. One of the provisions of the new law is the ability of a financial institution to request an attorney opinion letter concerning the validity of the POA document.
If I have prepared and executed your POA and your financial institution requests such a letter, I would be happy to provide one at no charge to you. If I have not prepared a POA for you and you are not sure if your current POA is valid or do not have one in place, it is a good time to execute (sign) one now to safeguard your interests.