LIEB BLOG

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Showing posts with label NewLaw. Show all posts
Showing posts with label NewLaw. Show all posts

Thursday, March 25, 2021

New Law Requiring Two Witnesses for Power of Attorney Forms

Starting on June 13, 2021, filing out a power of attorney is going to be a little more annoying.
Previously, the form just had to be signed, initialed, and dated by a principal with capacity, but now you are going to need 2 disinterested witnesses as well.
The new law, Senate Bill S888, is curiously only applicable to financial and estate planning, but why?
Its stated purpose is to provide extra protection against fraud and abuse, but how does adding 2 witnesses accomplish that?
Couldn’t you find witnesses to abuse the form too if that was your goal?
Isn’t this just another piece of lip service legislation?
Penalties are the answer, not witnesses, just saying…