Starting January 1, 2015, new rules apply to Powers of Attorney executed in Pennsylvania.
The first major change is the requirement of two independent witnesses. The witnesses must be over 18 and cannot be named as agents. The second major change requires that the signature of the person signing the power be acknowledged before a Notary. The third major change requires a new Notice to appear at the beginning of the document, and requires agents to sign acceptance forms with new language.
There are other substantive changes, as well, concerning an agent’s powers regarding gifting, changing beneficiary designations, creating joint ownership interests, and altering trusts. The new rules do not apply to most commercial transactions. Old powers of attorney will continue to be valid, if they were validly executed originally.
