The Governor signed legislation January 27, 2009 which substantially changes the General Obligations law with respect to powers of attorney; it is Chapter 644 of the 2008 Session Laws with an effective date of March 1, 2009
The NYSBA Trust and Estate Section put out a notice this week with a link to the new legislation.
Many procedural and substantive changes have been made, such as a substantial gift making rider (SGMR), the agent(s) signing the power, the power to appoint a monitor, execution requirments and the ability of third parties to question the powers.
I believe efforts are being made to change the effective date; if the date is not changed, the Bar needs to educate itself and the clients and general public on this matter to hopefully avoid serious confusion and problems.
Submitted by:
Charles E. Lapp, III
Lapp & Lapp
100 Cedarhurst Avenue
PO Box 435
Cedarhurst, New York 11516-0435
Telephone 516-295-3344
Facsimile 516-295-3460
lappandlapp@optimum.net
lennyesq 