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Changes to New York's Power of Attorney Law
by Kristine M. Koren
Anastasia T. Rockas View Biography
Skadden, Arps, Slate, Meagher & Flom LLP
New York Office
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November 9, 2009
Previously published on October 27, 2009
New York State recently enacted a broad transformation of its power of attorney statute, which is generally effective September 1, 2009. The Statutory Short Form and Other Powers of Attorney for Financial Estate Planning law introduces a new statutory power of attorney to replace the durable, non-durable and springing forms and imposes new requirements for the validity of statutory and non-statutory powers of attorney executed by individuals in New York State. Although the amendments do not affect the validity of powers duly executed prior to the effective date, the amendments provide for the revocation of a principal's existing powers of attorney upon execution of a new power of attorney unless otherwise specified. The amendments were intended to apply in the estate planning context but may apply to many routine commercial transactions as well.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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