NY A05630

Eliminates the requirement for a separate "statutory gifts rider" document and allows gift authority to be granted directly in the "Modifications" section of a statutory short form power of attorney.

Relaxes the requirement that powers of attorney contain exact wording by allowing substantial conformity to the statutory form, including tolerance for insignificant mistakes in spelling, punctuation, formatting, and language variations.

Permits a principal to sign a power of attorney through another person (not the agent) acting on the principal's behalf in the principal's presence and at the principal's direction.

Increases the annual gift limit from $500 to $5,000 that an agent may make without specific authorization in a power of attorney.

Modifies third-party acceptance requirements by establishing specific timelines (10 business days) for third parties to honor or reject a power of attorney and clarifies grounds for reasonable refusal.