In our October 2016 article we wrote about Connecticut’s new Uniform Power of Attorney Act and how it officially came into effect on October 1, 2016. Have you seen information circulating that intimidates you into acting immediately to update your documents in order to protect yourself and your family? We want to make sure you know the facts about how this change affects you and the Power of Attorney Instrument you may already have.
Fact 1: Even though the law changed on October 1, 2016, if you have a Power of Attorney Instrument that was signed before October 1, 2016 it still remains valid.
- You should still review your document! Does it appoint who you still want to act as Agent for you?
Fact 2: The new law allows for additional express powers to be added to the standard “form.” These powers are very beneficial for long term care planning and estate planning, and should be included in your new Power of Attorney document.
- These powers may already be in your current document! If not, you should consider updating your document to include these important powers.
Fact 3: In most cases, a financial institution is now required to accept an acknowledged Power of Attorney Instrument, even if it is old and even if it is not on a form recognized by the financial institution.
- You do not NEED a new Power of Attorney Instrument to reap these benefits.
Fact 4: If those who care about you think your agent is abusing the authority granted the Probate Court can be asked to look into what is going on.
- This added “checks and balances” is in place regardless of whether you have a new or “old” Power of Attorney. However, you can now include specific provisions in your new Power of Attorney Instrument which state your express wishes for who the Probate Court should appoint if there is an issue like this.
It is highly recommended that you meet with a lawyer to review any documents you already have and determine if you NEED to execute a new Power of Attorney Instrument. It is never recommended that you sign up through the mail to get a new Power of Attorney, or any estate document, just because a flyer informs you the law has changed. If you do execute a new Power of Attorney Instrument, make sure it’s not the standard boiler plate form. It should be tailored to your needs and wishes! If you are interested in learning more about the how this change in the law affects you and your family, please contact the office. We would be glad to meet with you for a no hassle, no charge initial consultation, no matter how long it lasts.