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NY S04549
Bill
Status
2/6/2025
Primary Sponsor
James Skoufis
Click for details
AI Summary
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Requires a principal who is a trustee of a trust to make a good faith effort to identify and notify in writing all co-trustees when signing a power of attorney that affects the trust, if the designated agent is not a co-trustee
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Mandates that a principal who is a trust beneficiary must notify in writing all co-beneficiaries when signing a power of attorney, if the agent is not a co-beneficiary of the trust
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Written notifications must identify the person assigned as the principal's agent
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If a principal cannot identify or contact a co-beneficiary after good faith efforts, they must attest to the efforts made to locate them
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Takes effect 30 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
REFERRED TO JUDICIARY
1/7/2026