Sign Connecticut Banking POA Now

Industry sign banking connecticut poa now

hi I'm Paul sapega from Sevilla Daily Pope now I'm here to talk to a powers of attorney and I'm pleased to say that Connecticut has finally updated its poverty laws boy a background Connecticut last overhauled its power of attorney rules in 1965 and we have a very different world today than we did in 1965 here's what some of these new provisions will now include for starters a poverty by default will be durable meaning it will remain in effect even should you become incapacitated that's a hundred eighty degree turn from the old rule so now by default any powder attorney will remain effective even should you become incapacitated and that's a great change in addition one of the promise under the old rules was whether banks and financial institutions were required to honor it and a lot of banks and financial institutions did not if the fog return is six months old two years old they were nervous about it and wouldn't honor now a bank has to honor a poverty unless they believe in good faith that is not a valid power of attorney and good faith means honesty in fact if a bank or financial institution will not honor a poverty under the new law you can go to court and have that poverty enforced and that bank ought to pay the attorney's fees if we prevail so there's a little more emphasis now on making sure that the poverty will be honored by third parties a lot of other issues got cleared up with a new law - for example can your agent user assets in some fashion to benefit themselves and under the new law it's very clear that the agent has a duty of loyalty - you can only act in accordance with your best interests has an obligation if they're not aware of what those best interests are to try and discern them and they cannot self deal or gift to themselves without your written permission and the whole gift making provisions under poverty rules have been all as well under the old laws the Western provision forgets making under the new laws there is a provision that says your agent may have the power to gift your assets and you can stay in great detail what those gifts can consist up what size the gifts could be to whom they may be made and this is very critical as clients of mine I find are living longer and longer and becoming at some point incapacitated that poverty becomes a more powerful useful estate planning tool and it's going to be invoked much more so than in years past so I think anybody who has a poverty ought to get it revamped to be in accordance with the new rules that take effect this October 2015 bill what language the legislation is very lengthy there's many changes or they cannot include in this short dialogue with you today but if you have further questions I hope you would calls because this is a very important topic to stay abreast oh thank you