Thursday, May 7, 2009

New York - New Power of Attorney Law Takes Effect on Sept. 1, 2009


NY: Sweeping changes in New York's law concerning powers of attorney will take effect on September 1, 2009. The legislature has revised Chapter 644 of the laws of 2008 to amend the state's General Obligations law. The changes are complex and affect, among other things, not only the instrument's form but also the level of fiduciary responsibility imposed, the need for the agent to keep detailed records and to make them available and provisions for using the power to make major gifts.