Powers of Attorney – New Statutory Short Form Power of Attorney Effective January 1, 2014
This is a follow-up to our Advisor article sent on June 18, 2013, “Powers of Attorney – What You Need to Know About the Current Requirements and Upcoming Changes.” The full article can be found here.
The new Statutory Short Form Power of Attorney (“SSF POA”) will be made available January 1, 2014. It’s important to remember that SSF POA’s executed before January 1, 2014, on the 2013 form, will remain valid on and after January 1, 2014, and should be accepted if compliant with all the requirements for SSF POA’s executed prior to January 1, 2014. However, a SSF POA executed after December 31, 2013, on the 2013 version of the SSF POA will not be valid and no additional determination needs to be made beyond determining the improper form was used to refuse acceptance of an SSF POA executed after December 31, 2013 on the 2013 version of the form.
As stated in the June Advisor, the changes to the SSF POA do not change the essential purpose and function of the SSF POA, but the changes make it important to closely review a presented SSF POA to determine not only if the proper form was used, but if the form was completed properly.