Aug 22, 2017

Georgia’s New Uniform Power of Attorney Act in Review (Part One)

Power of Attorney

Effective July 1st of this year, Georgia’s new Uniform Power of Attorney Act (“UPOAA”) applies to most written, general, financial powers of attorney.  A power of attorney (“POA”) allows for one party (the “principal”) to grant authority to another party (the “attorney-in-fact” or “agent”) to act in the principal’s stead with regard to the principal’s financial matters.  If an individual is no longer capable of handling his or her own financial affairs, and does not have a valid durable POA in place, it may be burdensome or impossible for another person to ensure that individual’s bills are paid and his… Read more

Sep 3, 2010

Recent Legislation on Short-Term Leasing and Powers of Attorney

Power of Attorney Paperwork

Two newly enacted laws in New York State affect cooperatives and condominiums:  one prohibits the leasing of apartments for less than 30 days; the second involves the effectiveness of powers of attorney which are often used in cooperative and condominium transactions.   Short-Term Leasing Chapter 225 of the Laws of 2010 prohibits the leasing of apartments in Class A multiple dwellings, which includes virtually all residential cooperatives and condominiums, for time periods of less than 30-days.  This effectively eliminates the use of apartments as hotel rooms, “bed and breakfast” accommodations or other short-term rentals.  There are some exceptions.  Non-family members… Read more

Aug 2, 2010

The Abusive Use of a Power of Attorney

Authored by: Paul J. Sowell, Esq. The recent case of Smith v. Mountjoy 694 S.E.2d 598 VA, 2010 sets forth the typical fact pattern encountered when agents abuse their position as power of attorney.  In 2006, Mr. Smith executed a durable power of attorney naming his wife, Mrs. Smith, as his agent. Acting as power of attorney, Mrs. Smith created two revocable trusts, one for herself and one for her husband, each with different trust terms. Under Mrs. Smith’s Trust, upon her death the trust principal was to remain in further trust for her husband’s benefit. Under Mr. Smith’s trust,… Read more

Aug 26, 2009

New Powers of Attorney

Last Will and Testament

New Sections 5-1501, 5-1501A and 5-1501B of the New York General Obligations Law[1] will take effect on September 1, 2009 that will affect the validity of powers of attorney.  Although currently valid powers of attorney will remain in effect, all new powers of attorney must be drafted on a new statutory form or must incorporate the new language required by the law.  The statutory changes will affect many transactions, including those involving cooperatives and condominiums. Under the new law, the agent, as well as the principal, must now sign the form, and the power will survive the incapacity of the… Read more