A Financial Power of Attorney is a vital legal document that grants another person (your "Agent") the authority to handle your ﬁnancial decisions, excluding health care matters. It's an essential component of your estate planning. This summer the Vermont Legislature and Governor Scott enacted the new Vermont Power of Attorney Act based upon the Uniform Power of Attorney Act; an Act that has now been enacted in 32 states across the country. This change has helped to create a standard Power of Attorney in Vermont that is recognizable to financial institutions.
Some of the major takeaways under the statute include, but are not limited to:
Greater protections against the misconduct of an agent.
The ability of co-agents to now act independently.
The expansion of judicial relief and who may bring a proceeding against the misconduct of an agent.
Increased protections to ensure that a principal’s Power of Attorney is accepted by financial institutions and 3rd parties.
There is now a nomination of guardian included, should a guardian proceeding need to be opened.
Contact LMC Law for a consultation to ensure your Financial Power of Attorney reﬂects your current wishes and complies with the Uniform Power of Attorney statute.