Gov. Corbett signed Act 95 of 2014 modifying the current power of attorney law with a majority of substantive changes effective January 2015. The new Power of Attorney requirements require the person giving the power of attorney (the Principal) to carefully consider the specific powers being given to their Agent. A power of attorney should only be executed after a detailed consultation with a trusted estate planning attorney who can review all of the powers contained in a power of attorney document.
Attorney Russell E. Farbiarz of Antanavage Farbiarz PLLC comments that “a power of attorney document is quite possibly the most important and most powerful document that any individual might sign as it provides a third party the ability to transact business in the principal’s name with or without notice to that person. It is crucial that said document is executed only after careful consideration by the Principal, in consultation with a qualified estate planning attorney and as part of a cohesive estate plan.”
Another major change required under this law is that Powers of Attorney must now be executed in front of a Notary who cannot also be a witness. Farbiarz comments that “the change in the execution procedures is important because it provides a safeguard to ensure that the Principal understands and intends to grant the powers in the document to the Agent. Power of Attorney documents, unfortunately, have been abused by some unscrupulous people and this law helps to prevent further abuse.”
It is important that anyone who has a power of attorney, is an agent under a power of attorney, or is thinking about getting a power of attorney drawn up for themselves become familiar with the new law. Please join Russell Farbiarz, Esq. of Antanavage Farbiarz, PLLC, Regina Rinehimer, Financial Advisor, of Wells Fargo Advisors, Colin Waszkiewicz, President, The W Group Financial Services and Mark Threlfall, vice President, American Funds Group for an educational seminar addressing the changes to the power of attorney law, wills, living wills, and much more. The seminar is scheduled for Dec. 3 from 6-8 p.m. at the Reading Public Museum located at 500 Museum Road Reading. As part of the seminar, each participant will learn how to devise a plan that supports their personal needs and how to avoid typical estate planning mistakes.
For more information please contact Russell E. Farbiarz, Esq. at 610.562.2000 or rfarbiarz@afalawfirm.com
