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NY A07708
Bill
Status
6/6/2023
Primary Sponsor
Kenneth Zebrowski
Click for details
AI Summary
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Adds General Obligations Law § 5-1515 requiring principals who are trustees to notify all other co-trustees in writing when signing a power of attorney that affects the trust, unless the agent is already a co-trustee.
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Requires principals who are beneficiaries to notify all other co-beneficiaries in writing when signing a power of attorney, unless the agent is already a co-beneficiary.
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Mandates that notification identify the person assigned as the principal's agent.
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Allows principals to attest to good faith efforts made if they cannot identify or contact a co-beneficiary after making such efforts.
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Takes effect thirty days after becoming law.
Legislative Description
Requires principals to make a good faith effort to identify and 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
enacting clause stricken
7/15/2024