Friday, December 5, 2014

New Pennsylvania Power of Attorney Law

If you have not already done so, now is the time to get your Power of Attorney. Pennsylvania has adopted a new Power of Attorney law and many of the sections affecting the Power of Attorney form take effect January 1, 2015.

The changes to the Power of Attorney form itself include an updated notice for signing by the principal, the person making a Power of Attorney, and an updated acknowledgement for signing by the agent, the person appointed to serve on behalf of the principal. In our office, alongwith the principal signature, we require the signature of two witnesses before a notary. Under the new law, it is now a requirement. Finally, certain powers, such as the power of the Agent to make a gift or change a beneficiary designation, must now be specifically set forth in the document otherwise the agent does not have the power to perform these acts and others as listed under the statute.

Other than the requirements of the form, the new law addresses third party recognition and reliance on the Power of Attorney. If a third party (such as a bank) relies upon a properly prepared Power of Attorney document, the third party is immune from liability if it later turns out that the document is invalid. Often representatives of banks or other institutions refuse to recognize a Power of Attorney because it did not fit the form preferred by the bank or institution though such form had been prepared by the customer’s attorney.

The problem that still persists is that a bank representative or other party being asked to accept a Power of Attorney may request an opinion of counsel that the Agent is acting within the scope of authority granted under the Power of Attorney document. This could prove to be a burdensome requirement for the customer and will generally be addressed on a case by case basis until this is no longer a requirement.   

Contact us at 215-321-4033 for further information.

Saturday, November 1, 2014

Today, It's Your Legacy

An important benefit of Estate Planning is creating a legacy.  Treasure your life's journey share your story or your family's story with us.  Be the next Guest on our Show, Today. It's Your Legacy or be the client spotlight in our newsletter or Facebook page.  Post your comment below for our consideration.

Tuesday, March 4, 2014

Ten Years of Making A Difference in the Lives of our Clients

                                              Thank you for your support over the years. 

I choose Estate Planning because it allowed me to reach those who needed professional service at an affordable price.   We successfully help individuals, families and businesses plan for the people they love.  We focus on all aspects of our client’s life – their personal assets, business assets and more importantly their dreams for the future.

For 10 years, we have cared to listen to our clients and exceed their expectations and we look forward to another decade of outstanding service in probate, estate planning, guardianship, business succession planning and elder law.