New Revisions to the New York State Power of Attorney Law
by David Goldfarb Goldfarb Abrandt & Salzman LLP2020 Changes to the New YorkPower of Attorney Law
Chapter 323 of the Laws of 2020 was signed by Governor Cuomo on December 15, 2020. It will be effective 180 days after it was signed into law (June 13, 2021). The signing Memo indicates there will be a Chapter Amendment that has been agreed on by the Governor and the Legislature
These are the Major Changes to the New York Power of Attorney Law:
- “SUBSTANTIALLY CONFORMS TO THE WORDING” REPLACES “EXACT WORDING”
- STATUTORY GIFTS RIDER ELIMINATED
- SIGNING REQUIREMENTS
- Can be signed at the direction of the Principal.
- After the Chapter Amendment, will require two witnesses (one of whom can be the notary) for all Powers of Attorney.
- CHANGES TO CONSTRUCTION SECTIONS
- ACCEPTANCE OF AND RELIANCE TIME LINE
- DAMAGES AND ATTORNEY FEES
- CHANGES TO THE FORM (gift transactions, modification section, witnessing, agents acting together)
