In the past many financial institutions refused to honor a power of attorney that was more than a couple of years old, or in some cases refused to honor a power of attorney that was recently executed. In response to these concerns, the Connecticut legislature recently enacted Public Act 17 – 91. This act provides that, effective October 1, 2017 a financial institution or healthcare provider must accept a properly executed power of attorney or appointment of health care agent. If the institution or provider refuses to accept the document, the institution or provider is subject to a court order mandating acceptance of the document as well as liability for attorney’s fees and costs incurred in obtaining the court order. Public Act 17 – 91 applies to a power of attorney or appointment of health care agent signed prior to the Act.
Mr. Hendel has been practicing wealth preservation planning for over thirty years.