Word: principall
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"Hotels are highly sensitive to economic conditions, labor, cost of living and consumer confidence. So, when times are at the lowest like this, it's probably not the best time to go to the market and expect to get a huge payoff," says Mark Lunt, a principal in Ernst & Young...
To be granted the rights associated with a POA was pretty uncomplicated under the old document. Only one signature was required - that of the principal assigning POA to the agent. In some cases, the agent - usually an offspring - didn't even know he or she had been named in the...
"The new power of attorney has teeth," says Ronald Fatoullah, an elder-law and estate-planning attorney in New York. One safeguard is a multiplicity of signatures. Now both the principal and the agent must sign the POA, and each signature must be notarized. "This is a big change," he...
Another important provision of the statute is the right of the principal to appoint a monitor, like a trusted 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...
The new law goes even further when addressing gift-giving. In the past, it was relatively easy for people expecting to be named as agents to slip into the POA a self-serving gift-giving provision. Because these write-ins would often be overlooked by the principal, it was possible...