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NY A04601
Bill
Status
Vetoed
12/16/2022
Primary Sponsor
Brian Barnwell
Click for details
AI Summary
- Principals who are trustees of a trust must notify all other co-trustees in writing when signing a power of attorney that allows the agent to affect the trust, unless the agent is already a co-trustee
- Principals who are beneficiaries of a trust must notify all other co-beneficiaries in writing when signing a power of attorney, unless the agent is already a co-beneficiary
- Written notification must identify the person assigned as the principal's agent in both trustee and beneficiary scenarios
- The act takes effect thirty days after becoming law
Legislative Description
Requires principals to notify co-trustees and co-beneficiaries of the signing of a power of attorney including the identity of the agent where the agent is not a co-trustee or co-beneficiary.
Last Action
tabled
12/16/2022
Committee Referrals
Judiciary5/3/2022
Judiciary2/4/2021
Full Bill Text
No bill text available