Word: pierro
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Dates: during 2000-2009
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...accountant, to oversee the activities of an inexperienced agent, or a family member to ensure that an agent acts according to the principal's wishes. Those who have POA must now keep records and account for every penny, which was not a requirement under the previous law, says Louis Pierro, an elder-law and estate-planning attorney in New York, adding, "The new law makes it easier to bring a civil suit against an agent who has acted inappropriately...
...rider is unique to New York, notes Pierro. "Having the obligations spelled out makes the person acting under power of attorney subject to virtually the same rules as someone who operates as a trustee," he says. Might other states adopt the rider? "They'll likely wait and see New York's experience with it," he says...